European Bonds Slump as Traders Reduce Bets on ECB Rate Cuts

European bonds dropped for a third day as traders continued to reduce their bets on a final European Central Bank interest-rate cut this year.

German 10-year bond yields rose as much as seven basis points to 2.77%, the highest since March, while 30-year yields approached the highest since 2011. US Treasuries followed European bonds lower, with 10-year yields rising two basis points to 4.42%