Zurich Insurance Group (ZURN.SW) said Monday it plans to exercise its option to redeem its 750 million-euro 3.500% dated subordinated notes.
The notes, which were issued by the Swiss insurer's subsidiary Zurich Insurance Co in 2016, will be redeemed on Oct. 1, 2026.
Global government bond yields will likely continue facing upward pressure, Cambridge economist Mohamed El-Erian said, citing a lack of appetite in the US for immediate fiscal consolidation, CNBC reported Friday, citing an interview.El-Erian, speaking to CNBC's Carolin Roth at the Ambrosetti Forum in Cernobbio, Italy, said traditional buyers of US Treasurys are becoming less reliable, pointing to China's reduced willingness for geopolitical reasons, domestic issues in Japan and the Gulf, and Norway's sovereign wealth fund reconsidering its Treasury allocation, according to the report.He said the imbalance between bond issuance and reliable buyers, rather than inflation or Fed credibility, is driving the pressure on rates, CNBC reported.El-Erian identified the UK, Japan and France as the G7 countries most vulnerable to sovereign debt problems, telling CNBC the UK is a "high-beta country" that moves more sharply than the US on rate changes, the report said.
3:00 Friday vs 3:00 Thursday2yr 99-16 vs 99-19; 4.377% vs 4.332%5yr 99-07+ vs 99-12; 4.547% vs 4.509%10yr 98-15+ vs 98-16; 5.247% vs 5.244%30yr 98-06 vs 98-05; 5.244% vs 5.245%2/10 40.350 bps vs 42.810 bps5/30 69.601 bps vs 73.547 bps
The US dollar strengthened against its Canadian counterpart Friday afternoon after the August jobs report surprised to the upside ahead of the holiday Labor Day weekend.The US economy added 162,000 jobs last month, the biggest monthly job gain since March, adding to other signs that point to a resilient economy, including "healthy" vehicle sales, said Economist Ksenia Bushmeneva in a TD Economics note.In Canada, a Friday report showed the country lost 42,000 jobs but that longer hours were worked in August. This was seen raising implications for gross domestic product (GDP) tracking and interest rates.The greenback strengthened 0.4% to CA$1.3839 on last look.Treasury yields were little-changed this week, with next Friday's August CPI likely to be the tiebreaker for the Sept. 16 rate decision, wrote BMO Chief Economist Douglas Porter.However, in a Truth Social post this morning, US President Trump warned the Federal Reserve to cut interest rates or, "I would stop trading with countries with which we have a deficit..."Comex December gold futures fell 1.6% to $4,467 per ounce, as the strong jobs figures boosted rate hike expectations.West Texas Intermediate October crude oil futures, the US benchmark, fell 0.3% to $91 per barrel. November Brent oil futures, the international benchmark, rose 0.3% to $95.77 per barrel.