LONDON Sept 29 - World shares nudged higher on Friday, while better-than-expected euro zone inflation data boosted government bonds, with both asset classes still set for their worst quarter in a year in response to central banks' pledge to keep interest rates high.
The yield on Germany's two-year bond , which tracks rate expectations and falls as the price of the debt rises, dropped 7 basis points to 3.23%. That provided a bright end to a torrid quarter for government bonds. Germany's 10-year yield has shot up 45 bps this quarter, reflecting the worst three-month sell-off since the third quarter of 2022.
Strategists at Barclays pointed out in a note to clients, however, that because stock valuations fall when the income yields on lower-risk bonds rise,"if the bond market were to turn more disorderly, equities are unlikely to be immune."Futures contracts that track the performance of Wall Street's S&P 500 share index indicated the blue-chip equity benchmark would open 0.5% higher later on.Sterling rose 0.
"People are getting used to partial shutdowns but if it is prolonged and the stakes are raised then the economic consequences start to mount," said Nordea chief markets strategist Jan von Gerich, adding that the dollar could be hurt if no agreement is reached.
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