Yields and basis point (bp) movements of some of the most-watched 10-year bonds this afternoon:

US: 1.73% (+0.9bp)
UK: 1.87% (+0.3bp)
Germany: 1.45% (-0.6bp)
France: 2.223% (-0.4bp)
Spain: 5.661% (+7.2bp)
Italy: 4.945% (+2.0bp)

[There are 100bp to a percentage point]

After initially falling after a better-than-expected jobs report, US Treasuries trimmed losses on Friday as celebrations quickly died away.

US non-farm payrolls rose by 171,000 last month, well above the 125,000 expected by the market consensus. The unemployment rate did increase, by a tenth of a percentage point, to 7.9%, but this was expected.

Investors initially sought higher-yielding assets following the data, causing bonds to drop and yields to rise - the borrowing rate on the 10-year US bond reached 1.781% shortly after the figures were released.

However, yields began to come down after the markets digested the data, with some analysts saying that this month's report is not enough to stop the Federal Reserve's bond-buying programme.

Barclays Research analyst Michael Gapen said that the labour market is exhibiting good momentum heading into Q4, "although we would not be surprised to see some volatility in upcoming jobless claims and payrolls as a result of Hurricane Sandy. We do not see the momentum in hiring and decline in the unemployment rate in recent months as changing the calculus for the Fed at this stage."

Meanwhile, Spanish bonds declined today after the Treasury announced that it will sell three-, give- and 20-year securities next week. The latter security is the longest maturity that the nation has auctioned in 18 months, according to Bloomberg.

Yields also climbed today after Eurozone manufacturing data continued showed a contraction in the sector in October: this was the 15th straight month when the manufacturing purchasing managers' index came in below 50.

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