Multi-Asset Strategy Daily

Mizuho analyzes the global rates environment where UST and EUR yields are primarily driven by oil price volatility and Middle East geopolitical risk rather than economic data. UK Gilts and JGBs are reacting more to domestic soft data and low inflation respectively.

Key Takeaways

• 1.UST yields remain hostage to oil prices and Middle East geopolitical narratives, rather than domestic economic data.
• 2.EUR rates are prioritizing energy-driven inflation risks over weak domestic PMI data, causing curves to bear flatten on escalations.
• 3.UK Gilts are outperforming as domestic data (retail sales) continues to disappoint, signaling deepening economic cracks.

Table of Contents

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

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