Budding optimism over Europe’s coronavirus recovery could spell trouble for the region’s government bonds as some investors move beyond peak pessimism on the continent’s economy.
After riding the choppy markets together through the first stage of the pandemic in 2020, European and US government bonds have parted ways this year.
US Treasuries suffered their worst sell-off in decades during the first quarter as investors prepared for an economic surge, while the blow to eurozone government bonds was much milder, because of vaccine delays, new social curbs and signals that the European Central Bank is prepared to act to fend off rising bond yields.
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