Fixed income markets do not just calm down. The context that surrounds them does not accompany. This week was the European Union that took a step forward to propose to freeze the fiscal rules so that, on this occasion, the member states can dedicate more financing to invest in defense. This pressed the debt to a possible greater offer, returning to the German 10 -year bonus, a reference employee in the region, a 2.5% profitability in a week in which the German country faces its elections. However, this Friday he gave up and returned below this year’s average.
This yield now demands investors to German debt came to climb up to 2.55% in the week, to end at 2.46%. “In a scenario characterized by new inflationist risks, a delicate situation for the European fixed income market could be considered, which will also face a refinancing phase in 2026, the year in which a significant amount of government emissions will overcome. A weak euro And Trump’s tariff policy either reassures, “considers Marco Mencini, responsible for analysis of Plenisfer Investments SGR, part of Generali Investments.
For German debt, specifically, the result of the elections that will be held this Sunday will be important. “The composition of Parliament (Bundestag) will be key to implement the necessary fiscal stimulus to get the German economy of two years of negative growth and a five years of stagnation. This is so to the extent that a two -thirds majority is needed Reform Debt Brake (debt brake clause in the Constitution), there is the risk of blocking minorities in the event that the electoral result throws high parliamentary fragmentation (There are several parties about 5% necessary to have representation) “, explain in rent 4.
In Spain, the 10 -year debt came to touch this week 3.18% due to the approach of that higher defense expense in Europe, although on Friday it relaxed around 3.09%; The previous one closed at 3.06%. Something similar happened in the US, where the bonus at a decade reached 4.55% in recent days although the end of the week the profitability receded up to 4.46%.
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