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Treasury yields in focus amid US-China trade uncertainty

Treasury yields in focus amid US-China trade uncertainty

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U.S. government debt prices were higher Friday morning, as investors monitored trade progress between the world’s two largest economies.

At 02:40 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 1.7706%, while the yield on the 30-year Treasury bond was also lower at around 2.2251%.

Market focus is largely attuned to global trade developments, as doubts prevailed over an interim trade agreement between the U.S. and China.

During a phone call thought to have been made late last week, China’s top trade negotiator invited U.S. officials to Beijing to hold a fresh round of face-to-face negotiations, according to a report from the Wall Street Journal.

It was not clear whether U.S. negotiators had accepted the invitation. However, the Journal’s report said that U.S. trade officials were willing to meet with their Chinese counterparts.

The report comes shortly after U.S. legislation on Hong Kong had threatened to derail trade discussions between Washington and Beijing.

On Wednesday, the U.S. House of Representatives passed a bill intended to support protesters in Hong Kong. It prompted China to accuse the U.S. of interfering in domestic affairs.

On the data front, manufacturing PMI (Purchasing Managers’ Index) and services PMI figures for November will be released at around 9:45 a.m. ET. Consumer sentiment for November and the latest Kansas City Fed Survey will follow slightly later in the session.

Investors are also likely to closely monitor comments from Federal Reserve Bank of New York President John Williams on Friday morning.

There are no major Treasury bond auctions scheduled on Friday.

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