NEW YORK (MarketWatch) -- Treasury prices advanced Monday, sending yields lower, as concerns about a global economic recession boosted safe-haven demand for government debt.
Ten-year Treasury note yields fell 4 basis points to stand at 3.705%. Bond prices move inversely to their yields.
Two-year note yields ) dropped 2 basis points to stand at 1.203%.
Thirty-year Treasury yields fell 3 basis points to 4.204%.
"Treasurys are higher to open the week as global equities register their disappointment with the lack of concrete action from the weekend G20 meeting -- more "too little, too late" from policymakers," said analysts at Action Economics.
In addition, "economic woes remain a major concern to investors," they said.
On Wall Street, U.S. stock futures pointed to a lower opening Monday after a weekend meeting of leaders of the 20 largest economies in the world failed to produce much more than rhetoric.
Members of the so-called G20 group of nations pledged to stimulate domestic demand, keep trying to stabilize the financial system and make sure the World Bank and the International Monetary Fund have enough resources to help countries overcome the crisis.
Against this backdrop, data showed that Japan's economy shrank in the third quarter, marking its second straight quarterly contraction and sending the nation into its first recession since 2001, as declining overseas demand for its goods hurt export-dependent industries. Read more.
Gross domestic product fell 0.1% in the July-to-September period from the previous quarter, or an annualized 0.4%, according to figures released by the Cabinet Office Monday.
Also weighing on sentiment Monday was news that Citigroup Inc. plans to cut about 50,000 jobs, representing 20% of its global workforce, in an effort to cut costs and stem huge losses sparked by bad investment and lending decisions.
Management also plans to reduce costs across the company by 20% in the near term and will continue to sell off troubled assets, the Dow Jones Industrial Average component said.
