A global bond sell-off pushed government borrowing costs higher on Monday, as investors bet that the energy shock from the Middle East conflict would lead to a prolonged period of higher inflation.
Japanese debt led the declines, with the yield on the country’s 30-year bond rising 0.08 percentage points to 4.09 per cent, as the trading week kicked off dominated by the spectre of higher inflation.
A lack of progress in peace talks between the US and Iran, and the ongoing closure of the Strait of Hormuz, has pushed oil prices higher and led investors to fear a looming oil shortage with brutal economic consequences.
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