Investors buy debts with an April pricing shock at the highest rhythm since March 2023

For three closure contribution sessions in April, the market clearly opts to lower risk assets. The last four weeks record the largest Input of money in sovereign bonds Since March 2023, more than $ 29,000 million, according to Bank of America. Since March 1, the Foreign investors have sold more than two American actionsAccording to Goldman Sachs.

Since the last day 2, debt is one of the assets most requested by investors and which can be seen in the Increase in bond prices and the substantial drop in profitability. In the last five sessions, the ten -year American bonus reduces its profitability in almost 10 base points until it falls below 4.3%.

All this in a context in which the President of the United States, Donald Trump, considered before the market the possibility of reducing tariff rates in China while Asian countries study the suspension of several keys in the United States. In the case of European debt, evolution was not in unison. THE Maturity titles at a decade in Germany They close the week (four days in Europe for the holidays last Monday) at 2.46%, above what was recorded at the end of the previous week (which was also four days of quotation).

On the contrary, obligations such as Spanish or Italian also had greater purchase pressure and their profitability fell respectively at 3.12% and 3.58%. Beyond April, the annual calculation establishes two trends facing the American sovereign and European debt. The first records a drastic collapse of profitability which led to Ten years of almost 4.8% bonus Lose 4%, before recovering the current levels (4.3%). In other words, it gives nearly 30 base points of the year. In Europe, profitability increases almost 10 basic points.

With these prices, an investor who had bought a diversified portfolio of bonds with Investment Grade (sovereign and business) would take 5.1%. However, according to Axa IM, they consider that the prices will wreak havoc for the world economy even if they do not apply in the worst scenarios. “THE Narration of “Sell USA” You may have softened during the week, but Trump’s shock is not over, “they explain.