The renewal of hostilities between the US and Iran in the Strait of Hormuz is causing a wave of rises in sovereign bond yields worldwide, with yields reaching multi-year highs in countries such as Japan (3% at ten years, 30-year highs), United Kingdom (ten-year gilts at 5.258%, highest level since 2008), USA (ten-year Treasuries at 4.798%, 20-month highs), Germany (ten-year bunds at 3.369%, one-year high) and Portugal (20-year bonds at 4.269%, near decade highs). Markets fear greater inflationary pressure and new increases in key interest rates, with inflation in the eurozone touching 3.3%. Simultaneously, the ECB warned about the systemic risks created by the massive financing of North American hyperscalers, which already represent almost 10% of all euro-denominated debt issued by non-financial entities.
Jornal Económico02/09/26, 07:00
