Germany’s 10-year Bund yields climbed to 2.95%, a near two-week high, tracking US Treasury yields as investors prepared for US jobs data later in the day. However, gains were limited by softer-than-expected Eurozone inflation data and reduced expectations for aggressive ECB rate hikes this year. Wednesday’s figures showed both headline and core inflation rates had fallen more than expected in June, to 2.8% and 2.4%, respectively. At the ECB’s Sintra Forum, President Christine Lagarde told CNBC that risks to eurozone inflation and growth are now more balanced than a few weeks ago, citing the recent drop in oil prices. The shift follows the ECB’s decision three weeks earlier to become the first G7 central bank to raise rates after the Iran war, driven by concerns over inflation spreading. Since then, oil prices have fallen sharply on US-Iran peace hopes, with Qatar scheduling the next indirect talks soon.

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