Taiwan’s 10-year bonds fell by the most in three months as US jobs data fueled speculation that the US Federal Reserve will raise interest rates.
The yield on similar-maturity US Treasuries posted its biggest increase in three months on Friday last week, as data showed employers in the US added 321,000 jobs last month, exceeding all 100 estimates in a Bloomberg survey of economists and an addition of 214,000 in October. Rising rates on US Treasuries erode the appeal of lower-yielding Taiwanese debt.
“The [US] non-farm payrolls report has made the market bring forward expectations of a Fed rate increase back to about June next year,” EnTie Commercial Bank (安泰銀行) bond trader Daniel Wu said.
The yield on Taiwan’s 1.625 percent sovereign notes due in September 2024 advanced five basis points, or 0.05 percentage points, to 1.645 percent, GRETAI Securities Market prices show. That is the biggest increase since Sept. 5. The yield on 10-year US government debt rose three basis points today to 2.34 percent, after climbing seven basis points on Friday.
In the currency market, the New Taiwan dollar fell 0.3 percent to NT$31.285 against the US dollar, the weakest level since October 2010, Taipei Forex Inc prices show. One-month non-deliverable forwards were little changed at NT$31.220, after declining 0.7 percent last week, the biggest loss since March, according to data compiled by Bloomberg.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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