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European stocks recover losses, pushes up Treasury yields

FXStreet (Mumbai) - European stock markets recovered losses in early session to trade positive, thereby pushing the yields on the safe haven treasury notes in the US higher.

The Euro Stoxx 600 index turned higher from the low of 344.62 to trade around 347.75 levels; up 0.23% on the day. Germany’s DAX index strengthened 63 points and France’s CAC index added 11.5 points. London’s FTSE index inched up 19 points.

Among stocks, VW shares rose 5.4% after the CEO resigned, but are still down 28% over the past week. German carmaker Porsche was up 3.2%, while France's Renault and Peugeot Citroen stocks also rallied. Oil relates stocks like Seadrill and Tullow Oil also suffered losses.

The yield on the safe haven 10-yr treasury note in the US advanced almost one basis points to 2.153%. Meanwhile, the more policy sensitive 2-yr yield strengthened 1.6 basis points to trade around 0.711% ahead of the Fed chairwoman Yellen speech.

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