China denies slowing purchase of United States bonds

US Treasuries Debt Paper- Holding A Sample of IOU Paper

Ending the ECB's monetary stimulus would be a major development for financial markets because the program is thought to have helped drag down bond yields globally.

S&P 500 e-minis were down 10.25 points, or 0.37 percent, with 182,167 contracts traded.

After seeing modest weakness in morning trading, treasuries turned higher over the course of the trading session on Thursday. Bloomberg cited people familiar with the discussions on China's reserves, and reported that it wasn't clear whether the recommendations of the officials had been adopted.

The market for US government bonds is becoming less attractive relative to other assets, and trade tensions with the USA may provide a reason to adjust the pace of purchases, the thinking of these Chinese officials goes, according to people familiar with the matter cited by Bloomberg.

"As we look at China now, it's putting emphasis on state-owned enterprises on the involvement of the party, the political apparatus into the business sectors, heavy subsidies continuing, which distorts the allocation of capital", Under Secretary for International Affairs David Malpass said to a group of reporters in Brussels.

Selling pressure waned over the course of the session, however, as traders may have been concerned about missing out on any further upside.

The dollar dropped more than half a percent against a basket of currencies, while long-dated Treasury yields hit fresh highs after the Bloomberg report, which said the USA bond market was becoming less attractive for Beijing.

The Labor Department said its producer price index for final demand edged down by 0.1% in December after climbing by 0.4% in November.

So, how should investors position themselves if we are expecting this kind of price action across the bond market? November´s core inflation report disappointed investors by unexpectedly slowing.

A separate report from the Commerce Department showed wholesale inventories increased by slightly more than anticipated in the month of November.

Reflecting the strength in the energy sector, the Philadelphia Oil Service Index and the Natural Gas Index jumped by 2.4% and 2.3%, respectively, and the NYSE Arca Oil & Gas Index advanced by 1.9%.

On the other hand, airline stocks moved substantially higher, with the NYSE Arca Airline Index climbing by 1.7 percent.

After rising as high as USD64.77 a barrel, crude oil for February delivery gave back ground but still rose USD0.23 to a three-year closing high of USD63.80 a barrel. The gain by the index came after it close lower for five consecutive sessions.

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