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TREASURIES-U.S. yields climb as Deutsche Bank shares, equities rally

* U.S. 30-year bond yields rise to one-week high
    * Deutsche stocks recover, but analysts unconvinced
    * U.S. data not spectacular, but improving

 (Adds comment, updates prices)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, Sept 30 U.S. Treasury debt yields rose
on Friday as risk appetite improved with the rebound in Deutsche
Bank share prices and the release of generally solid U.S.
economic data that keeps the  Federal Reserve on track to raise
interest rates in December.
    U.S. 30-year bond yields, which move inversely to prices,
hit a one-week high, while U.S. two-year notes rebounded from
six-week lows to trade nearly two basis points higher on the
day.
    A report that Deutsche Bank was close to a
cut-price settlement with U.S. authorities over the sale of
toxic mortgage bonds helped fuel a recovery in its shares, and
its chief executive said the group remained stable. 
    The German lender's shares ended up 6.4 percent in Europe,
while its American Depositary Receipts (ADRs) were up 15
percent, after plunging 7 percent the previous session.
    "Deutsche Bank closed the week on a strong note, but its
struggles will leave an impact on fixed income for at least the
first two weeks of October," said Jim Vogel, interest rate
strategist, at FTN Financial in Memphis.
    Deutsche Bank, which has prompted a bid for Treasuries for
most of this week, has been in the midst of a $14 billion legal
battle with the U.S. government in connection with the bank's
issuance and underwriting of mortgage-backed securities. 
    But even though Deutsche Bank shares posted sharp gains,
things could turn quickly, analysts said.
    "Obviously, people are afraid of what could possibly happen
over the weekend," said Tom di Galoma, managing director at
Seaport Global in New York. "So this is becoming a reality for a
lot of people. You just don't know how bad it could get for
Deutsche."
    On the U.S. economic front, analysts said the data, while
not stellar, was a step in the right direction. U.S. consumer
spending fell in August, but core inflation showed an uptick.
 
    In addition, the manufacturing index for the U.S. Midwest
rose to 54.2 in September from 51.5 percent in August.
 
    In late trading, U.S. benchmark 10-year Treasury notes
 were down 12/32 in price for a yield of 1.597
percent, up from 1.556 percent late on Thursday.
    U.S. yields, however, remained on a downtrend, having fallen
in seven of the last nine trading sessions given global
geopolitical tensions and political uncertainty arising from the
upcoming U.S. elections. 
    U.S. 30-year bonds fell one point in price, yielding 2.319
percent, up from Thursday's 2.274 percent. 
    On the front end of the curve, U.S. two-year notes were down
1/32 for a yield of 0.761 percent, up from 0.746 percent on
Thursday. Two-year yields rose from six-week lows of
0.718 percent hit earlier during the European session.

 (Reporting by Gertrude Chavez-Dreyfuss; Editing by Phil
Berlowitz and Nick Zieminski)

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