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Treasury prices rise on worries of China slowdown
NEW YORK—Investors are coming back to the safety of US government bonds and getting out of riskier investments like stocks after China reported that trade and domestic demand had weakened faster than expected. It showed that the world’s second-largest economy is in a worse slump than people had thought. The price of the ten-year Treasury note increased 50 cents for every $100 invested, pushing its yield down to 1.65 percent from 1.70 per cent late Thursday.
China’s export growth plunged in July to just 1 percent from 11.3 percent the previous month, well below forecasts of about 5 per cent, data showed Friday. Factory production, auto sales and retail sales all had anemic growth. The 30-year bond’s price gained $1.03, and its yield fell to 2.74 from 2.76 per cent Wednesday.
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