The yield at 30 years from Germany reaches a summit of 21 months, continuing its regular progression

The yields of German state bonds at 30 have reached their highest level on Monday for almost two years on Monday. Therefore, while those at 10 years old have affected an unprecedented summit since the beginning of April, investors abandoning the latest news on customs duties to focus on the impact of the increase in Japanese rates.

The yields of long maturity obligations are progressing all over the world. Furthermore, carried by the generalized fears of investors as to the extent of the public debt.

The 30 -year yield of Germany has climbed up to 3.26 %on Monday, its highest level since October 2023. Furthermore, An exceeding of this threshold would bring it to its highest since August 2011.

The return of the reference Bund reached up to 2.737 %. For example, a summit since March 28, a few days before the yield 30 years germany reaches first announcement of customs duties by US President Donald Trump during the “Liberation Day”.

“Today. In addition, there is clearly a contagion effect from Japan,” analyzes Reinout de Bock, head of the European rates strategy at UBS.

German yields are growing while investors anticipate an increase in bond emissions. after Parliament has validated a large spending plan earlier this year, especially for defense and infrastructure, in the hope of reviving economic growth.

The yield of Japanese bonds at 20 years old jumped on Monday at 12 basis points. reaching its highest level since 2000, while the one at 30 years increased by 13 base points.

“Japanese movements are becoming concern to the extent that they have many foreign obligations. and Japanese investors may not reinvest their reimbursements and coupons in France or in the United States,” explains Jens Peter Soerensen, chief analyst at Danske Bank.

“I am not particularly worried. yield 30 years germany reaches but as long as Japanese long -term yields continue to climb, there will be a certain impact, because it is the same factors that also influence European rates. »»

Indifference to customs duties

Another element of the context. the latest commercial announcements: Saturday, Donald Trump said he wanted to impose a customs right of 30 % on most imports from the European Union from 1^is august.

But the markets largely put the news into perspective: European shares have only slightly fell. the euro remained stable against the dollar, and the obligations did not benefit from an influx to the shelters.

“The threat of 30 % customs duties on European products goes beyond the recently mentioned range. but negotiations continuing until the deadline of 1^is August, any fall -fold and support movement for the BUNDS should remain limited, ”said Hauke Siemssen, rate strategist at Commerzbank.

“After all, Trump has repeatedly threatened with yield 30 years germany reaches heavy customs duties, and then repel deadlines in the following days,” he added.

The yield of the French obligation at 10 years increased by 2 base points, to 3.43 %. after President Emmanuel Macron announced on Sunday a plan aimed at accelerating defense expenses, promising to double the military budget by 2027, three years earlier than initially.

The French government is already struggling to find 40 billion euros in savings for its 2026 budget.

In Italy, the 10 -year yield has increased 1.5 basic points, to 3.62 %, now the very monitored gap between Italian and German rates at 88 base points.

“Everyone hides behind Germany,” said Soerensen.

“This is why there is a tightening of differences. such as between Germany and Italy, because the German offer is already high and will increase sharply. The other countries avoid increasing their own offer as much. »»

(Report by Amanda Cooper, Yoruk yield 30 years germany reaches Bacheli and Alun John in London; edition by Kevin Liffey, Andrew Cawthorne and Andrew Heavens)