Nasdaq Closes at Record High; Dow Falls Ahead of Fed Meeting
European bond market: German 10-year government bonds halted five consecutive declines; United Kingdom bonds underperformed.
The German 10-Year Treasury Notes closed higher for the first time since December 6, as money market traders raised their bets on interest rate cuts by the European Central Bank in the second half of next year. The German 10-Year Treasury Notes Yield fell by 1 basis point to 2.25%, up 15 basis points over the past week. The yield curve steepened as the 2-Year Treasury Notes Yield fell by 2 basis points to 2.05%. The spread between French and German bonds closed wider by 1 basis point to 80 basis points, following Moody's downgrade of France's credit rating. United Kingdom bonds underperformed, with short-term bonds leading the decline; the United Kingdom's 2-Year Treasury Notes Yield rose by 5 basis points to 4.36%. S&P Global released the UK composite for December.
Another Week, Another Index Record | Lkive Stock
S&P Upgrades PenFed Auto Loan Securitizations Due to Strong Performance
The expansion rate of the service industry in the USA has reached its fastest pace in over three years, providing momentum for the economy.
Activity in the USA's services sector is expanding at its fastest pace since October 2021, providing momentum for the economy amid a worsening decline in manufacturing. The preliminary value of the S&P Global Manufacturing PMI for the USA in December is 48.3, expected 49.8, previous value 49.7, marking a new three-month low; the preliminary value of the S&P Global Composite PMI for the USA in December is 56.6, expected 55.1, previous value 54.9, reaching a new 38-month high; the preliminary value of the S&P Global Services PMI for the USA in December is 58.5, expected 55.7, previous value 56.1, also reaching a new 38-month high. S&P Global's Chief Business Economist Chris Williamson.
US Services Sector Surprises on the Upside: S&P Global
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