November 27, 2018 / 11:52 AM / 13 days ago

Spain, Portugal yields at lowest in over 3 weeks on Italy feel-good factor

LONDON, Nov 27 (Reuters) - Spanish and Portuguese 10-year government bond yields hit their lowest level in over three weeks on Tuesday, as reports of Italy’s conciliatory stance on budget talks lifted sentiment.

The Italian government said on Monday it was sticking to its main 2019 budget goals for now as it awaits a cost analysis of its main spending measures, but left open the possibility of eventually cutting its deficit target.

Italian bond yields had dropped sharply on Monday and while the shorter-dated bonds were more or less unchanged from those levels on Tuesday, the yield on its 30-year debt dropped five basis points to a one-month low of 3.87 percent.

Those gains have spilled into Spanish and Portuguese bonds, analysts said, with Spain’s 10-year yield dropping to a one-month low of 1.538 pct, down 3.5 bps on day

Portugal’s 10-year bond yield hits 3-1/2 week low of 1.859 pct, down 3 bps on the day. (Reporting by Abhinav Ramnarayan and Virginia Furness; Editing by Sujata Rao)

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