疲软数据强化降息预期，德债无视发债洪峰强势反弹

Group 1 - The core viewpoint of the articles indicates that weak economic data in Germany has led to increased bets on interest rate cuts, overshadowing the impact of a surge in debt sales [1][4] - The benchmark 10-year German government bond is on track for its largest three-day gain since September, with yields near their lowest levels since December 5 [1] - The 30-year bond yield has dropped to 3.42%, down from a 14-year high reached last month [1] Group 2 - The issuance of 10-year German bonds on Wednesday saw a 1.29 times oversubscription, significantly lower than the previous issuance, while the sales amount nearly doubled to €4.5 billion (approximately $5.3 billion) [4] - The substantial increase in issuance this year may limit the upside potential for German bonds, particularly long-term ones, although current market trends indicate that concerns over economic weakness are prevailing [4] - Citigroup's economic surprise index for the Eurozone has fallen to its lowest point in over a month, suggesting that investors may have been overly optimistic about the region's economic growth [5] Group 3 - German Chancellor Friedrich Merz described certain sectors of the economy as being in a "very critical" state, committing to revitalizing growth as the government's top priority this year [5] - Merz is attempting to reverse the economic downturn through a large long-term spending plan aimed at repairing infrastructure and modernizing the armed forces, with federal debt sales projected to increase by one-fifth to a record €512 billion by 2026 [6] - Market strategists suggest that the recent rebound in German bonds must be viewed in the context of softening inflation narratives in Germany and France, which have prompted some short positions to take profits after a rise in long-term German bond yields of over 25 basis points in the past two months [6]