周一，美国国债收益率上行引发市场对房贷利率进一步上升的担忧，房屋建筑及家装相关股票普遍承 压，拖累整个房地产板块下行。分析人士指出，若收益率持续攀升，抵押贷款成本可能上扬，从而令美 国房地产市场的低迷态势延续。 根据道琼斯市场数据，截至周一收盘，美国两大追踪房屋建筑行业的ETF，iShares美国房屋建筑 ETF(ITB.US)与SPDR标普房屋建筑商ETF(XHB.US)均下跌约2.1%，双双创下自9月下旬以来的最低收盘 水平。 市场压力的核心在于，美债收益率上行。10年期美国国债收益率周一上升4.3个基点至4.16%，为9月26 日以来最高水平，同时也是自9月中旬以来的最大单日涨幅。当前，由于美国政府仍处于停摆状态，市 场对财政与经济前景的担忧正在推高债券收益率。 家居建材零售巨头同样受到拖累。家得宝(HD.US)股价下跌1.45%，劳氏(LOW.US)下跌1.9%，两者均有 望录得自8月11日以来的最低收盘价。 抵押贷款利率通常会追随美债收益率变动。收益率上升意味着潜在购房者的融资成本将增加，这不仅可 能让租房者延迟置业计划，也让现有房主更不愿出售换房，从而抑制市场交易量。 为刺激购房需求，房屋建筑商不 ...

每经AI快讯，当地时间10月6日，欧债收益率集体上涨，英国10年期国债收益率涨4.7个基点报4.735%， 法国10年期国债收益率涨5.9个基点报3.566%，意大利10年期国债收益率涨2.9个基点报3.538%，西班牙 10年期国债收益率涨2.5个基点报3.253%。 （文章来源：每日经济新闻） ...

Now, let's head over to the bond market with yields on the rise despite some weaker than expected economic data out this morning. Rick Santelli is in Chicago with our bond report. Happy Friday, Rick. Happy Friday, Dom.Indeed, you summarized it. The service sector data, which is still coming through the pipeline, was indeed disappointing. And the one that was a little bit higher than expected and sequentially higher than last month was prices paid.That's not the one you want. Higher, of course. That means bo ...

Corporate Borrowing - Corporate borrowing has seen a significant increase, with $230 billion in debt deals tracked just this month, marking the heaviest volume for any month ever [1] - The competition for debt sales may impact the government bond market, raising questions about the dynamics between corporate issuers and bond buyers [1] Bond Market Dynamics - The current environment shows a record issuance of investment-grade corporate bonds, but the focus is on the buyers who anticipate a Federal Reserve easing strategy [2] - The Federal Reserve has already eased rates by 25 basis points, leading many investors to expect further declines in rates [3] Yield Analysis - The yield on Barclays' investment-grade bonds is around 4.90%, with a current 10-year Treasury yield of approximately 4.14%, resulting in a spread of about 76 basis points [4] - This spread indicates that the additional yield for taking on corporate credit risk compared to risk-free Treasury securities is the smallest since 1998, suggesting a cautious market sentiment [5] Investor Behavior - Investors are motivated to purchase corporate bonds before yields fall further, reflecting concerns about equity market valuations and the perceived risk in the current environment [6] - The relatively low additional yield of less than 5% raises questions about the credit risk associated with corporate bonds, which may be underestimated by the market [6]

（文章来源：每日经济新闻） 每经AI快讯，9月26日，日本40年期债券收益率上升6个基点，至3.395%。 ...

Group 1 - The core point of the article highlights a significant drop in initial jobless claims in the U.S., with the number falling to 218,000, which is much lower than expected, leading to a sell-off in bonds and an increase in U.S. Treasury yields [1][3] - The 2-year U.S. Treasury yield rose by 6.1 basis points to 3.659%, the 10-year yield increased by 4.2 basis points to 4.189%, and the 30-year yield went up by 1.1 basis points to 4.769% [1] - Federal Reserve Chairman Jerome Powell indicated that the labor market's weakness has shifted the risk balance regarding inflation, suggesting a moderately restrictive policy stance to address potential economic developments [4] Group 2 - In Europe, signs of a weakening labor market in Germany were noted, although consumer sentiment showed slight improvement, with the GfK consumer confidence index expected to rise from -23.5 in September to -22.3 in October [4] - The 10-year German bond yield increased by 2.4 basis points to 2.771%, while the 10-year Italian bond yield rose by 4.9 basis points to 3.642%, and the 10-year French bond yield went up by 3.3 basis points to 3.601% [4] - In the UK, the Chancellor faces pressure to address a £62 billion budget deficit, with speculation about potential tax increases as economic growth stagnated in July following a 0.3% GDP growth in Q2 [5] Group 3 - In the Asia-Pacific region, Japanese bond yields also saw an upward trend, with the 2-year yield rising by 0.8 basis points to 0.934% and the 10-year yield increasing by 1.3 basis points to 1.656% [5] - The Japanese Ministry of Finance successfully issued 399.4 billion yen in a 40-year bond auction, with a bid-to-cover ratio of 2.8, indicating strong market demand [5] - The U.S. Treasury plans to issue $229 billion in three bond types, including $100 billion in 4-week bills and $85 billion in 8-week bills, along with $44 billion in 7-year bonds [7]

Group 1 - A key valuation metric for U.S. corporate bonds has reached its highest level in nearly three decades, following the Federal Reserve's first interest rate cut since 2024, prompting investors to lock in still high yields [1] - The risk premium for U.S. investment-grade corporate bonds has narrowed to just 72 basis points, marking a new low not seen in decades, with the spread previously touching 73 basis points in August, the lowest since 1998 [1] - High-grade bond average yields are currently at 4.76%, significantly above the average level of approximately 3.6% since 2010 [1] Group 2 - For most of the past three years, average yields have remained above 5% due to the Federal Reserve's rate hikes aimed at curbing post-pandemic inflation, which has driven demand from investors like pension plans that need to fund long-term liabilities [2] - The Federal Reserve's updated economic forecasts indicate two more 25 basis point rate cuts this year, which could further lower yields and heighten urgency among some investors [2] - The current environment of tight spreads is considered ideal, with solid fundamentals, strong demand, and no excessive supply pressure [2]

Group 1 - European long-term bonds continued to decline on September 18, indicating a bearish trend in the bond market [1] - The yield on Germany's 30-year bonds increased by 6 basis points, reflecting rising interest rates and potential inflation concerns [1]

Core Viewpoint - Indonesia's 5-year bond yield has decreased by 11 basis points, reaching its lowest level since 2022 [1] Group 1 - The decline in bond yield indicates a favorable shift in investor sentiment towards Indonesian debt securities [1] - The current yield reflects broader economic conditions and may influence future investment decisions in the region [1]

Core Viewpoint - The nomination of Federal Reserve Board member Milan suggests that perceived lack of independence of the Federal Reserve could impact bond yields [1] Group 1 - The independence of the Federal Reserve is crucial for maintaining stable bond yields [1] - Concerns about the Federal Reserve's independence may lead to increased volatility in the bond market [1]