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European debt garnered record bids on Tuesday in the busiest day for government bond auctions so far this year.
Orders for a sale of 20-year UK bonds exceeded the £2.25 billion ($2.7 billion) on offer by more than 3.6 times, according to data compiled by Bloomberg. Belgium received €72 billion in bids for a €7 billion sale of 10-year debt, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it.
After a blistering rally to end 2023, stocks have stumbled to begin the new year. Apple (AAPL), a bellwether for market vibes these days, has been downgraded by Wall Street strategists twice in the past week over fears of slowing growth. Bets on a March interest rate hike from the Federal Reserve have tapered.
And analysts have cut their earnings projection for S&P 500 (^GSPC) companies by more than usual heading into the reporting period, which kicks off with big banks on Friday.
BlackRock Inc., the world’s biggest asset manager, is warning investors of the risk UK political parties will promise much greater spending in a bid to win this year’s election, potentially sparking a revolt in the bond market.
While neither the Conservative nor Labour parties wants to put forward policies that could unnerve investors, that may change as the election draws near, said Vivek Paul, BlackRock’s UK chief investment strategist. Spending proposals are likely to emerge as Prime Minister Rishi Sunak said last week he plans to call a UK election in the second half of the year.