Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
AKTIEN
Global bond markets are under pressure. From the US to Germany to Japan, government bonds are undergoing a sustained selloff, lifting yields to levels not seen in years and in some cases, decades. Yesterday, the yield on the 10-year US Treasury note rose to 4.67%, the highest seen since January 2025. Longer-dated treasuries, which are typically more sensitive to long-term economic shifts, are being hit even harder, with yields on 30-year treasuries climbing to 5.18%. In the United Kingdom, the yield on 10-year gilts is up to 5.13%, while those on 30-year gilts have reached 5.79%. Such rates have not been seen since 2008 and 1998, respectively. The yield on the 10-year German Bund hit its highest level since 2011. Japanese 10-year and 30-year bonds are currently offering their highest yield since the late 1990s.
While different parts of the world may display slightly different symptoms, the underlying disease is the same. Markets are demanding a premium to hold government debt due to a sense of uncertainty that is currently pervading financial circles. The threat of sustained high oil prices has people on edge because of the direct impact on inflation, which is already running hotter than most policymakers would like. Should inflation continue to rise, the income paid out by bonds will depreciate in real terms, limiting the appeal of such financial instruments. Coupled with the above, central banks are no longer engaged in quantitative easing as they were in previous years; the Fed, the ECB and the BoE all stopped buying their respective government bonds several years ago, leaving the market to soak up all new treasury issuances.
With little else going on at the start of this week, markets are looking towards Nvidia (NVDA) earnings later today. Historically, shares in the chip manufacturer have performed well after earnings, although the observed effect has been more muted in recent years. In all likelihood, Nvidia will indeed beat estimates, but such accolades are no longer enough to significantly move the needle. The S&P 500 and Nasdaq both dipped yesterday amid the selloff in the bond market, providing no momentum to build upon going into today’s session.
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