30年期日本国债收益率下跌9个基点，至2.945%。40年期日本国债收益率下跌10个基点，至3.435%。10 年期日本国债收益率下降2个基点，至1.485%。 ...

周一（5月26日）北美尾盘，加拿大10年期基准国债收益率跌2.5个基点，两年期加债收益率跌0.50个基 点，五年期加债收益率跌2.3个基点。 加拿大标普/TSX综合指数收涨0.75%，报26073.13点，突破5月20日所创收盘历史最高位；小盘股指收涨 1.21%，报857.88点，突破2022年4月13日所创收盘历史最高位850.25点。 ...

Group 1 - The core viewpoint of the article highlights the fluctuations in German bond yields following President Trump's announcement to suspend EU tariffs until July, indicating a lack of reliability and stability in this approach [1] - The 10-year German bond yield decreased by 0.7 basis points to 2.560%, while the U.S. bond yield initially rose to 2.609% before experiencing a downward trend [1] - The 2-year German bond yield increased by 1.8 basis points to 1.782%, maintaining an upward trajectory throughout the day [1] Group 2 - The 30-year German bond yield fell by 2.3 basis points to 3.065%, reflecting a broader trend in the bond market [1] - The yield spread between the 2-year and 10-year German bonds decreased by 2.419 basis points, now at +77.622 basis points [1] - The UK bond market was closed during this period, indicating a potential impact on overall market dynamics [1]

Core Viewpoint - European bond yields experienced a decline on May 26, with notable decreases in France, Italy, Spain, and Greece, indicating a potential shift in investor sentiment towards safer assets [1] Group 1: France - The yield on French 10-year government bonds fell by 2.2 basis points to 3.240%, with a trading range of 3.296% to 3.235% during the day [1] Group 2: Italy - Italian 10-year government bond yields decreased by 2.9 basis points to 3.556%, with a trading range of 3.624% to 3.551% [1] Group 3: Spain - Spanish 10-year government bond yields dropped by 1.4 basis points to 3.179% [1] Group 4: Greece - Greek 10-year government bond yields fell by 2.2 basis points to 3.298% [1]

Core Viewpoint - The upcoming U.S. Treasury auctions will be a critical variable for market dynamics, as strong demand could lower yields and support the dollar, while weak demand may raise concerns about U.S. debt and weaken the dollar [1] Auction Details - The U.S. is scheduled to auction $69 billion in two-year notes on Tuesday, $70 billion in five-year notes on Wednesday, and $44 billion in seven-year notes on Thursday [1] - Strong demand in these auctions could alleviate market anxiety, potentially leading to a decline in Treasury yields and an increase in the dollar's value [1] Market Implications - If demand is weak, particularly from foreign institutions, it could reignite concerns regarding U.S. debt issues, resulting in rising yields and a weakening dollar [1]

Group 1 - Moody's downgraded the U.S. sovereign credit rating, leading to a rise in U.S. Treasury yields and increased concerns over the U.S. debt burden and tax legislation [2] - Global equity funds experienced a net outflow of $9.4 billion last week, marking the first weekly outflow in six weeks, contrasting sharply with over $20 billion inflow the previous week [2] - U.S. equity funds led the outflows with redemptions totaling $11 billion, followed by Asian funds with $4.6 billion in redemptions, while European equity funds recorded a net inflow of $5.4 billion [5] Group 2 - Emerging market bond funds saw a net inflow of $403 million for the fourth consecutive week, continuing a positive trend, while emerging market equity funds experienced a slight outflow [8] - Despite the outflow in emerging market equity funds, they have attracted $10.6 billion year-to-date, representing a 43% increase compared to the same period last year [8] - Interest in emerging markets has been rekindled, partly due to concerns over the end of U.S. exceptionalism and a lack of clarity regarding U.S. ambitions and intentions [8]

Group 1 - The core viewpoint of the article highlights the increasing volatility in the overseas bond market, particularly with the 30-year U.S. Treasury yield surpassing 5% and Japan's bond yields rising due to weak auction results [1][2] - The U.S. bond market is facing multiple negative factors, including a downgrade of the U.S. sovereign credit rating by Moody's, concerns over the fiscal deficit, and weak demand for U.S. Treasuries, which are pushing long-term yields higher [2][3] - Japan's bond yields are also rising sharply due to a significant imbalance in supply and demand, exacerbated by fiscal expansion and a relatively tight monetary policy from the Bank of Japan [2][3] Group 2 - In contrast to the overseas markets, China's bond market remains stable, with the 10-year government bond yield fluctuating within a narrow range of 1.68% to 1.72% [3][4] - The People's Bank of China has implemented a moderately loose monetary policy to support liquidity, including a recent reserve requirement ratio cut and substantial medium-term lending facility operations [3][4] - Analysts expect the Chinese bond market to continue its narrow fluctuations, with the 10-year government bond yield projected to remain between 1.65% and 1.70% in the short term [4]

Core Viewpoint - The German bond market experienced a decline in yields across various maturities, influenced by geopolitical tensions and market reactions to U.S. trade policies [1] Group 1: Yield Movements - The yield on the 10-year German government bond fell by 7.6 basis points to 2.567%, with a total decline of 2.3 basis points for the week [1] - The 2-year German bond yield decreased by 6.7 basis points to 1.764%, accumulating a total drop of 9.1 basis points over the week [1] - The 30-year German bond yield dropped by 6.3 basis points to 3.088%, with a total increase of 4.8 basis points for the week [1] Group 2: Market Reactions - The significant drop in yields on May 23 was triggered by new tariff threats from U.S. President Trump against the EU, leading to a sharp decline in the 2-year yield to 1.707% [1] - The yield spread between the 2-year and 10-year German bonds decreased by 0.910 basis points to +80.041 basis points, reflecting a cumulative increase of 6.839 basis points for the week [1]

Group 1 - Eurozone government bond yields continued to decline following Trump's announcement of tariff measures [1] - The yield on Germany's 10-year government bonds fell by 8.5 basis points to 2.55% [1]

"不谋全局者,不足谋一域。"在金融市场中，我们不能单看一种资产类别，比如就美元而论美元，就黄金而论黄金，我们应该明晰各类资产中的关联互动， 从而做出明智的判断与选择。 今年以来时而出现的美"股债汇"通杀，让市场惊愕不已。美债，美元的传统避险地位丧失，新兴的比特币却异军突起，美联储"稳坐钓鱼台""按兵不动"，政 策稳稳地，市场却很不淡定，美长期国债收益率一路狂飙。（这等同于"加息"） 为什么会出现这种匪夷所思的状况呢？答案其实很简单，那就是美元的信用基础动摇了。 国债价格与收益率成反比，这是稍有金融常识的朋友们都知道的。所以，国债收益率的上行就不足为奇了。 美国债收益率作为全球资产价格定价之锚，历来备受市场关注。抓住了这个牛鼻子，很多问答也就会不言自明。 接下来，我们就来详细讲一讲美国国债收益率这个问题。 作为全球规模最大、流动性最强的债券市场，美国国债的收益率不仅仅是持有这些债券的回报率，它更是宏观经济健康状况、通货膨胀预期、货币政策走向 以及全球资本流动的重要信号。 对于参与金融交易的各类主体而言，理解并密切关注美国国债收益率的变动及其背后的逻辑，是制定策略、管理风险、把握机遇的关键所在。 首先，美国国债因 ...