全线大跳水！股债汇三杀

Core Viewpoint - The article discusses the significant decline in European assets, particularly in the UK, amidst growing concerns over the economic outlook and fiscal challenges facing the government [1][12]. Market Performance - On September 2, European markets experienced widespread declines, with the UK FTSE 100 down by 0.39%, Germany's DAX30 down by 0.92%, and Spain's IBEX35 down by 1.04% [2]. - The dollar index rose by 0.53%, while the British pound fell by 0.85%, marking its largest single-day drop in two months [3][4]. Bond Market Dynamics - The yield on 30-year UK government bonds reached its highest level since 1998, reflecting increasing debt concerns [7]. - The global bond market saw a general decline, with the 30-year US Treasury yield rising by 4 basis points to 4.97% [9]. Economic Concerns - There are rising worries about the UK economy, with pressure on the Chancellor to find ways to cut spending or raise taxes to improve the precarious fiscal situation [12]. - Analysts suggest that tax increases are inevitable, but further tax hikes may be counterproductive, leading to a bearish outlook on the UK long-term bonds [12][13]. Government Fiscal Strategy - The UK government is under pressure to adhere to fiscal rules that require daily spending to be covered by tax revenue, with borrowing only for investment purposes [13]. - If the government fails to restore confidence in public finances, it may face a crisis similar to the aftermath of the "mini-budget" three years ago [13].