Euro zone bond investors shrug as data confirms gloomy economy

LONDON, Nov 23 (Reuters) – Euro zone bond yields wavered but found little direction on Thursday after survey data showed the bloc’s economic downturn is likely to have continued in November. The yield on Germany’s 10-year bond, the benchmark for the bloc, was last unchanged on the day at 2.57%. Yields move inversely to prices. Business activity in the euro zone contracted in November, according to purchasing managers’ index (PMI) survey data released on Thursday, although the figures were slightly less bad than economists expected. “Ongoing weakness in the euro zone business surveys suggests a recession is on the horizon,” said Mike Bell, global liquidity market strategist at J.P. Morgan Asset Management. “There is no need for the ECB to…