Europe’s bond market is on course for its worst month on record as investors have bet on big rate rises from the European Central Bank and Bank of England at a time of unprecedented inflation.
The region’s market for high-grade government and corporate debt posted a fall of 5.3 per cent in the month to Tuesday, the biggest drop since the Bloomberg Pan-European Aggregate Total Return index began in 1999. The decline has been broad, with UK, German and French debt all hit by heavy selling in a reversal of July’s gains.
The continent’s bond markets have been knocked as investors brace for more aggressive central bank rate rises in the face of surging food and fuel prices triggered by Russia’s war in Ukraine.
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