Eurozone bond yields retreat slightly from multi-year highs, oil prices ease below the $100 mark providing some relief, but new tariff regulations and inflation risks leave limited room to breathe

智通财经2026/07/24 08:51

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On Friday, Eurozone government bond yields edged slightly lower, with the yield on Germany's 10-year government bond last reported at 3.1965%, down 1.5 basis points. The previous trading session saw it hit a 15-year high of 3.2118%, as the market took a breather after undergoing intense selling pressure.
Brent crude retreated to $98.59 per barrel, dropping about 2.1% on the day. However, its cumulative gain for the week is still expected to reach around 12%, with the temporary pullback in energy prices from the $100 level providing a brief window for the bond market to recover somewhat.
The European Central Bank kept interest rates unchanged on Thursday but retained the option of a rate hike in September. On Friday, several policymakers issued frequent statements pointing to heightened inflation risks and suggesting another rate increase might be necessary, though none explicitly called for action in September. The yield on Germany's two-year government bond retreated by about 3 basis points to 2.8593% after touching its highest level since July 2024.
Starting Friday, the United States will impose new tariffs of 10% and 12.5% on goods from 60 trading partners, including the European Union, further intensifying global inflation concerns. Coupled with the uncertainty in the Middle East and energy costs, the macroeconomic pressure facing the bond market is far from resolved, and the downside for yields is expected to remain limited.

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Eurozone bond yields retreat slightly from multi-year highs, oil prices ease below the $100 mark providing some relief, but new tariff regulations and inflation risks leave limited room to breathe

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