周五（9月26日）欧市尾盘，德国10年期国债收益率跌2.8个基点，报2.746%，美联储青睐的PCE通胀指 标在北京时间20:30发布后"波澜不惊"——延续亚太尾盘以来持续走低的势头，之后跌幅逐步收窄， 22:00之后迅速扩大跌幅；本周累计下跌0.2个基点，交投区间为2.780%-2.728%，9月22-24日大体持稳于 2.750%附近，25-26日呈现出冲高回落行情。两年期德债收益率跌0.9个基点，报3.030%，PCE通胀数据 发布时曾短暂地略微回升，本周累涨0.7个基点，整体交投于2.007%-2.048%区间；30年期德债收益率跌 1.3个基点，报3.328%，本周累跌0.8个基点。2/10年期德债收益率利差跌1.869个基点，报+71.448个基 点，本周累跌0.642个基点。 ...

Group 1 - The core viewpoint of the article highlights the recent movements in German government bond yields, indicating a notable increase following a period of decline [1] - The 10-year German bond yield rose by 2.2 basis points to 2.748%, with a cumulative increase of 3.2 basis points for the week [1] - The 2-year German bond yield increased by 1.2 basis points to 2.023%, showing a weekly rise of 0.5 basis points and trading within a range of 1.988%-2.027% [1] - The 30-year German bond yield saw a rise of 2.7 basis points, reaching 3.337% [1] - The yield spread between the 2-year and 10-year German bonds increased by 1.030 basis points to +72.090 basis points, with a cumulative rise of 2.576 basis points for the week [1] - The rebound in yields followed the Federal Reserve's announcement of interest rate cuts on September 17 [1]

Core Viewpoint - The article discusses the movements in German government bond yields, highlighting changes in various maturities and the yield spread between 2-year and 10-year bonds [1] Group 1: Yield Movements - The yield on the 10-year German government bond increased by 0.1 basis points to 2.693%, trading within a range of 2.679% to 2.718% during the day [1] - The 2-year German bond yield decreased by 1.5 basis points to 2.002%, with a trading range of 2.025% to 2.002% [1] - The yield on the 30-year German bond rose by 1.5 basis points to 3.275% [1] Group 2: Yield Spread - The yield spread between the 2-year and 10-year German bonds increased by 1.762 basis points, reaching +68.914 basis points [1]

Market Insights - President Trump plans to appeal the global tariff ruling to the U.S. Supreme Court, citing an economic emergency in the U.S. He warns that a potential loss could lead to unprecedented market shocks [1] - Nearly 600 economists signed an open letter warning that the potential dismissal of Federal Reserve Governor Lisa Cook could threaten the independence of the Fed and erode trust in the U.S. financial system [1] - The ISM manufacturing index for August rose slightly to 48.7 but remains below the market expectation of 49, marking the sixth consecutive month below the neutral line [3] Economic Indicators - Japan's CPI for August increased by 1.7%, with the growth rate narrowing by 0.4 percentage points, the lowest since November of the previous year [4] - Eurozone's CPI for August rose by 2.1% year-on-year, while core CPI slightly decreased to 2.3%. Service prices saw a notable slowdown, increasing by 3.1% [3] Global Market Dynamics - The Dow Jones Industrial Average fell by 0.55% to 45,295.81 points, while the S&P 500 and Nasdaq Composite dropped by 0.69% and 0.82%, respectively [5] - Gold futures on COMEX rose by 1.51% to $3,599.5 per ounce, reaching a historical high [5] - U.S. oil futures increased by 1.56% to $65.62 per barrel, and Brent crude rose by 1.39% to $69.10 per barrel [6] Bond Market - The yield on 30-year German bonds reached its highest level since 2011, while French 30-year bond yields hit a new high since 2009 [7] - U.S. Treasury yields increased across various maturities, with the 10-year yield rising by 3.50 basis points to 4.260% [7] Currency Movements - The U.S. Dollar Index rose by 0.66% to 98.32, with the Euro and British Pound both declining against the dollar [8]

每经AI快讯，9月1日，德国30年期国债收益率上涨3个基点，至3.377%，创2011年以来新高。 ...

Core Viewpoint - Japan is set to issue a five-year government bond amid rising concerns over market liquidity and volatility, which overshadow the auction [1] Group 1: Market Conditions - Concerns about liquidity in the Japanese government bond market have intensified, with the benchmark 10-year bond recording zero transactions for the first time in over two years [1] - The yield curve for Japanese government bonds has been particularly volatile this year, influenced by both domestic and global market fluctuations [1] - A liquidity measure for Japanese government bonds indicates a significant increase in the deviation of daily yields from fair value, surpassing levels seen during the 2008 global financial crisis [1] Group 2: Auction Expectations - Analysts from Tokai Tokyo Securities express optimism regarding the upcoming five-year bond auction, predicting a potential rebound in prices after an initial drop [1] - Senior rate strategist Miki Den from Sumitomo Mitsui Trust Securities believes the auction is likely to be successful, noting that current yields are higher than those at the last auction [2] - The average bid-to-cover ratio from the last auction was 3.54, slightly below the 12-month average of 3.78, indicating a potential shift in demand dynamics [2] Group 3: Economic Indicators - The upcoming GDP data release is expected to heighten concerns about stagflation, which may put additional pressure on long-term Japanese government bonds [2] - The rise in the German 30-year bond yield to its highest level since 2011, coupled with concerns about fiscal sustainability, is likely to negatively impact the performance of Japanese long-term bonds [2]

Group 1 - The yield on Germany's 10-year government bonds decreased by 0.3 basis points to 2.706%, showing a W-shaped low-level fluctuation during most of the day [1] - The yield reached a daily low of 2.674% at 16:25 Beijing time, following the release of the US ADP employment report and GDP data, before rising to a daily high of 2.715% at the beginning of the US stock market [1] - The yield on the 2-year German bonds increased by 1.2 basis points to 1.954%, trading within a range of 1.929% to 1.960% during the day [1] Group 2 - The yield on the 30-year German bonds remained roughly unchanged at 3.204% [1] - The spread between the 2-year and 10-year German bond yields decreased by 1.495 basis points to +74.860 basis points [1]

Core Viewpoint - The announcement of a trade agreement between the United States and Japan has positively influenced the German bond market, leading to an increase in yields across various maturities [1]. Group 1: Bond Market Reactions - The yield on the German 10-year government bonds rose by 5.0 basis points to 2.639% following the trade agreement announcement [1]. - The 2-year German bond yield increased by 3.1 basis points, reaching 1.844%, with intraday trading between 1.805% and 1.844% [1]. - The 30-year German bond yield saw a rise of 5.5 basis points, settling at 3.173% [1]. Group 2: Yield Spread Dynamics - The yield spread between the 2-year and 10-year German bonds widened by 1.676 basis points, now at +79.196 basis points [1].

德债熊市趋陡，30年期收益率势创2011年以来的最高收盘位，此前出现四个月以来的最大单周涨幅，因 财政担忧持续不散。德国30年期国债收益率上涨2个基点，至3.23%，本周累计上涨14个基点。交易员 下调欧洲央行降息预期，因政策制定者Isabel Schnabel表示，通胀必须出现重大下行转变才能为再次降 息提供依据。互换合约暗示，今年剩余时间料再降息19个基点，低于周四的21个基点和上周的27个基 点。 ...

7月8日消息，德国30年期国债收益率上涨7个基点，至3.18%，为3月份以来最高。 ...