India, May 5 -- After initially showing a lack of direction, treasuries moved to the downside over the course of the trading day on Monday.
Bond prices slid into negative territory as the day progressed, extending the notably pullback seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.1 basis points to 4.343 percent.
Treasuries came under pressure following the release of a report from the Institute for Supply Management showing an unexpected increase by its reading on U.S. service sector activity in the month of April.
The ISM said its services PMI rose to 51.6 in April from 50.8 in March, with a reading above 50 indicating growth. Economists had expecte...