Europe’s Bond Recovery Falls at First Hurdle After ECB High
- Investors, afraid to miss rally, piled on after rate meeting
- But German bonds gave up half their gains after US jobs number
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All it took was a strong US jobs report to expose the fragility of last week’s bond rally in Europe.
Within minutes of the print on Friday, German bonds had erased almost half of their day-before rally, which had been turbocharged by expectations central banks were nearing an end to their hiking cycles.