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Market Chatter: Sumitomo Mitsui DS Asset Management Drops French Government Bonds Amid Fiscal Woes

MT Newswires Live
Yesterday

Sumitomo Mitsui DS Asset Management unwound its position in French government bonds due to worries on the country's fiscal conditions, Bloomberg News reported Friday.

The move came after a rise in the risk premium for euro-area government bonds on Thursday due to contagion fears from France's debt challenges that prompted its government to push for a smaller budget deficit, the report said.

The asset manager moved to safer havens including German and short-term Japanese government bonds, the news outlet said.

The Sumitomo Mitsui Financial Group (TYO:8316) arm did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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