Group 1 - European long-term bonds continued to decline on September 18, indicating a bearish trend in the bond market [1] - The yield on Germany's 30-year bonds increased by 6 basis points, reflecting rising interest rates and potential inflation concerns [1]

Core Viewpoint - Indonesia's 5-year bond yield has decreased by 11 basis points, reaching its lowest level since 2022 [1] Group 1 - The decline in bond yield indicates a favorable shift in investor sentiment towards Indonesian debt securities [1] - The current yield reflects broader economic conditions and may influence future investment decisions in the region [1]

Core Viewpoint - The nomination of Federal Reserve Board member Milan suggests that perceived lack of independence of the Federal Reserve could impact bond yields [1] Group 1 - The independence of the Federal Reserve is crucial for maintaining stable bond yields [1] - Concerns about the Federal Reserve's independence may lead to increased volatility in the bond market [1]

Group 1 - The U.S. 30-year Treasury yield is approaching 5% for the first time since July, reflecting concerns over budget deficits and increased bond issuance [1][5] - The spread between long-term and two-year Treasury yields has widened to 133 basis points, the largest gap since 2021, as the market anticipates a 25 basis point rate cut by the Federal Reserve [4] - Global long-term bond yields are rising, with the U.K. 30-year yield reaching its highest level since 1998 at 5.752%, indicating ongoing concerns about fiscal conditions in major economies [5] Group 2 - The upcoming U.S. job vacancy data is expected to provide insights into the potential extent of Federal Reserve rate cuts, with economists predicting a drop to 7.382 million vacancies in July [1] - Investor sentiment is cautious ahead of the U.S. employment data release, which could significantly alter interest rate expectations [7] - The recent rise in long-term Treasury yields is causing volatility in the U.S. stock market, as higher rates lead to a reassessment of growth stock valuations [8][9] Group 3 - The U.K. Chancellor of the Exchequer is expected to announce new tax measures in the upcoming budget on November 26, which may further impact market sentiment [6] - In France, the Prime Minister is facing a confidence vote regarding a debt reduction plan, which is causing investor unease [7] - The overall market has shown signs of stabilization after significant sell-offs, with yields on eurozone bonds decreasing [7]

Group 1 - Concerns over the UK's fiscal situation and record bond issuance in Europe have led to a sell-off in the UK bond market, which has spread to US, Japanese, and European bonds, causing a significant rise in yields [1] - The increase in bond yields is a potential pressure on gold prices, as rising interest rates typically negatively impact gold [1] - The US ISM Manufacturing PMI for August has increased compared to the previous value, but the rise is below expectations and marks the sixth consecutive month of contraction [2][3] Group 2 - The upcoming US JOLTs job openings report is a key employment indicator that the market is watching, but it is expected to have only a short-term impact and not change the overall trend [4] - Gold prices experienced a temporary decline due to the bond market sell-off but managed to stabilize above the Asian session high of 3508, reaching a daily target of 3545-50, with no strong resistance above [5] - The short-term outlook for gold remains bullish, with a focus on maintaining positions above key support levels, particularly 3526, which if broken could lead to a deeper correction towards 3500 [7]

Group 1 - Deutsche Bank CEO Christian Sewing expects bond yields to remain high in the coming months due to global government efforts to implement reforms and maintain fiscal discipline [1] - The 30-year bond yield in the UK surged to its highest level since 1998, while US bond yields approached the significant 5% mark [1] - Germany and the Netherlands saw their 30-year yields rise to 3.4% and 3.57% respectively, the highest since 2011, while France's 30-year yield reached 4.49%, the highest since 2009 [1] Group 2 - The turmoil in the global bond market is attributed to multiple factors, including concerns over inflation, debt issuance, and fiscal discipline, which have weakened confidence in government bonds [2] - Increased government spending in Germany and tax cuts for the wealthy in the US have heightened worries about the scale of government borrowing [2] - Political instability in France, the UK, and Japan has led investors to question the ability of these governments to address debt issues [2]

Group 1 - The global bond market is experiencing significant fragility and volatility, with many governments forced to finance heavily in a high-debt and high-interest environment, leading to a paradox of strong short-term demand for high-yield products while long-term risks loom [1] - On Tuesday, European bond markets saw a record single-day issuance, with 28 issuers planning to raise at least €49.6 billion (approximately $57.7 billion), potentially surpassing the previous record of €47.6 billion set earlier this year [2] - The UK successfully raised £14 billion through a record 10-year government bond issuance, attracting over £140 billion in orders, with international buyers accounting for 40% of the allocation [2] Group 2 - Despite rising borrowing costs, banks and corporations are actively entering the market, driven by a surge in investment funds flowing into bond funds during the summer [3] - Saudi Arabia attracted approximately $15 billion in orders for its planned issuance of five-year and ten-year Islamic bonds to cover fiscal deficits and support its "Vision 2030" diversification plan [3] - The global bond market is under pressure from ongoing inflation concerns, fiscal discipline issues, and heavy government bond issuance, leading to rising yields and declining bond prices [4] Group 3 - Long-term bond yields have surged to high levels, with Japan's 20-year government bond yield reaching its highest level since 1999, and the UK’s 30-year bond yield climbing to its highest since 1998 [4] - The recent sell-off reflects traders' concerns over high government spending and its potential inflationary impact, with significant corporate bond issuance and ongoing doubts about the independence of the Federal Reserve adding to market pressure [4] - The Bloomberg Global Bond Index fell by 0.4% on Tuesday, marking the largest single-day decline since June 6, indicating ongoing caution in holding long-term debt [5]

Group 1 - A global bond sell-off is intensifying due to a surge in corporate debt issuance and concerns over fiscal conditions in developed countries, affecting U.S. Treasuries, European bonds, and spreading to Japan [1][2] - The record corporate bond issuance, with at least $90 billion in investment-grade debt issued globally, has made this week one of the busiest in the credit market this year, with European issuance reaching a record €49.6 billion in a single day [2][3] - The rise in bond yields is diminishing the attractiveness of stocks, leading to pressure on Asian equity markets, while the Japanese yen weakens amid domestic political uncertainty [1][2] Group 2 - In Japan, local political uncertainties are exacerbating bond market pressures, with concerns over the potential resignation of a key ally of Prime Minister Shigeru Ishiba, increasing political volatility [3] - The upcoming 30-year government bond auction is causing cautious sentiment among investors, contributing to selling pressure on long-term bonds, with the 30-year yield reaching 3.28%, the highest on record [3] - The U.S. yield curve is under pressure to steepen, with analysts noting that the long-term yields are rising faster than short-term yields, influenced by various factors including upcoming employment data [7][8]

Group 1 - A global government bond sell-off is occurring, pushing the 30-year U.S. Treasury yield towards the psychological 5% level [1][7] - On Tuesday, the sell-off affected bond markets across the Atlantic, with yields rising in the U.S., U.K., Italy, and France [1][7] - The U.S. 30-year Treasury yield increased by 5.3 basis points to 4.97%, while the 10-year yield rose by 4.9 basis points to 4.276% [1] Group 2 - The market turmoil is attributed to a surge in corporate bond supply, concerns over government fiscal conditions, and seasonal liquidity tightening [4][9] - September is traditionally unfavorable for long bond holders, with a significant influx of corporate bond issuances expected [4][6] - Wall Street predicts that U.S. investment-grade corporate bond issuance could reach $150 billion to $180 billion this month, potentially exceeding last year's $172.5 billion [6] Group 3 - The sell-off is not limited to the U.S.; other developed economies like the U.K., Italy, and France are also experiencing rising yields [7][8] - The 30-year U.K. government bond yield reached its highest level since 1998, while French yields also increased [8] Group 4 - Historical data indicates that September has been the worst month for government bonds with maturities over 10 years, showing a median decline of 2% [10] - Technical liquidity factors and historical trends contribute to the negative sentiment in the bond market during September [10] Group 5 - Market focus is shifting to the upcoming U.S. employment report, which will influence the Federal Reserve's interest rate decisions [11] - Traders anticipate a 92% chance of a rate cut in September, with the employment report being a critical variable for market direction [11]

Core Viewpoint - European bond yields generally declined on August 28, with notable decreases in various countries' 10-year government bonds [1] Group 1: Bond Yield Changes - The UK 10-year government bond yield decreased by 3.5 basis points to 4.698% [1] - The French 10-year government bond yield fell by 4.1 basis points to 3.475% [1] - The German 10-year government bond yield dropped by 0.7 basis points to 2.691% [1] - The Italian 10-year government bond yield declined by 3.6 basis points to 3.535% [1] - The Spanish 10-year government bond yield decreased by 2.5 basis points to 3.292% [1]