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European government bonds were on the up again on Thursday as recent risk taking dropped off to be replaced by a more cautious approach.
There were widespread falls in the equity markets and a growing trend of investors deserting riskier options.
This latest trend is most likely fuelled by negative housing news from the United States. Housing figures showed that the 2.2 percent drop was the largest in five months.
The price of homes was also down. The average price of a new home was down 2.2 percent to $237,900 year-on-year.
In other news, there was a fall off in durable goods orders in the United States in June. Such orders were down 1.4 percent.
Meanwhile, the sterling closed at 2.0493 US dollars as it weakened slightly against the American currency. However, it strengthened against the euro and was worth 1.4913 at the close of business in London on Wednesday.
The fall-off in the pound came as it was revealed that there was also a fall off in housing figures in the United Kingdom.
14:11
Posted on Jul-27-2007
