Treasuries Gain on Haven Demand as Trading Resumes After Holiday

(Bloomberg) -- Treasuries advanced as trading resumed after a long weekend, with a slide in Asian equities fueling demand for haven assets.

The 10-year US yield slid as much as 5 basis points to about 5.19% on Tuesday, as Asia's stock benchmark slumped about 2%. There was no cash trading in Treasuries globally on Monday due to holidays in the US and Japan.

"Risk-off on equities," Michael Tang, a rates strategist at Commonwealth Bank of Australia in Sydney, said when asked about the rally in US bonds.