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Euro zone stocks, bond yields tumble on Flynn guilty plea
December 1, 2017 / 4:35 PM / 13 days ago

Euro zone stocks, bond yields tumble on Flynn guilty plea

LONDON, Dec 1 (Reuters) - Government bond yields and stocks in the euro area tumbled on Friday after former U.S. national security adviser Michael Flynn pleaded guilty to lying to the FBI.

Germany’s benchmark 10-year bond yield slid 7 basis points to its lowest level since early September at 0.294 percent , while other euro zone bond yields were down 6-9 bps on the day.

The euro climbed on the news as the dollar weakened broadly, trading as high as $1.1924, up from around $1.1890 beforehand.

The leading index of euro zone companies slid sharply, and was down 0.8 percent near its day’s low, tracking a fall in U.S. stocks.

“If it is true, then the market should be pricing a lower likelihood of Trump’s economic agenda being implemented,” said Mizuho strategist Antoine Bouvet. (Reporting by the London Markets Team; Editing by Jamie McGeever)

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