-J.P. MORGAN: J.P.Morgan's Global Government Bond Index rises 0.52% in July

0 Comments | M2 Presswire, August, 1998

M2 PRESSWIRE-6 August 1998-J.P. MORGAN: J.P.Morgan's Global Government Bond Index rises 0.52 in July (C)1994-98 M2 COMMUNICATIONS LTD RDATE:040898 The J.P. Morgan Global Government Bond Index (GBI Global) rose 0.52 in local currency terms in July - its 11th consecutive monthly increase. In US$ terms, the GBI Global was up 0.27.

The gain came as investors continued to be wary of emerging markets, European central banks kept rates unchanged, and expectations of weaker global growth held inflation fears at bay. South Africa continued to come under selling pressure as the central bank retained its tight money policy - yields rose approximately 50 bps - in protection of the rand. The gilt market came under further pressure as Moody's put South Africa on watch for a...