European Two-Year Notes Post Biggest Weekly Gain in Seven Years
European Two-Year Notes Post Biggest Weekly Gain in Seven Years
European two-year government bonds posted the biggest weekly gain in seven years as investors sought the safest assets after negotiations on a U.S. financial-rescue plan faltered. Investors piled into short-dated debt as lawmakers in the U.S. planned to meet for a second day after talks two days ago ended without an agreement. A group of House Republicans led by Eric Cantor of Virginia said they wouldn't back a plan based on the approach outlined by Treasury Secretary Henry Paulson and supported by President George W. Bush. Bonds also gained after Washington Mutual Inc. was taken over by JPMorgan Chase & Co. in the biggest U.S. bank failure in history.
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