Multi-Asset Strategy Daily

A daily strategy update covering the bearish momentum in US Treasuries following strong manufacturing data, and the stabilization of French OATs after the 2026 budget passage.

Key Takeaways

• 1.US Treasury yields are exhibiting upward momentum following strong manufacturing ISM data and slightly lower-than-expected borrowing estimates.
• 2.France has passed its 2026 budget, reducing immediate political risk despite a projected deficit of 5.0% of GDP.
• 3.UK Gilts have outperformed other DM rates at the start of the week, supported by light issuance and dovish BoE expectations.

Table of Contents

• USD
• EUR
• GBP
• JPY
• Important Information
• Disclaimer

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