Spain\\\'s bonds advance

Spanish government bonds rose for a third day, pushing 10-year yields to the lowest level in more than two weeks, after European Central Bank President Mario Draghi said the economy has been weaker than expected. Spain’s 10-year yields fell three basis points, or 0.03 percentage points, to 2.13 per cent as of 9:51 am, and touched 2.12 per cent, the lowest since Sept. 9. The rate dropped to a record 2.039 per cent on Sept. 8. The 2.75 per cent bond due in October 2024 rose 0.23, or 2.30 euros per 1,000-euro face amount, to 105.62. The rate on similar-maturity Italian debt declined two basis points to 2.35 per cent, having touched 2.253 per cent on Sept. 5, the least since Bloomberg began compiling the data in 1993. Italy’s two-year yield was 0.38 per cent, having earlier risen to 0.39 per cent, the most since Sept. 16. In addition to the zero-coupon two-year notes being sold, Italy is also scheduled to auction as much as 3 billion euros of inflation-linked bonds maturing in 2024 and 2041 today, according to bloomberg.com