The global bond rout is the story today

A snapshot of 10-yea yields

• German 10-year yields have doubled to 0.18% from 0.09% today (and up from 0% at the start of the week)


• UK 10-year yields up 12 bps to 1.275%


• US 10ss up 7 bps to 1.86%


• Canada 10s up 8 bps to 1.24%


• Japan 10s up 1 bps to 0.50%


• Australian 10s up 7bps to 2.33%

These are some big moves and it"s not clear what"s driving them. Certainly there have been some decent signs on growth and inflation.

Today, UK GDP was stronger than expected and earlier Kuroda said longer-term yields may rise even if rates don"t move.

Technicals seem to be a big driver as the Sept and late-June highs (in yields) give out.

Note that Japanese yields have hardly moved. That should give the yen crosses a boost. USD/JPY is pushing up against 105 now.

The global bond rout is the story today
The global bond rout is the story today
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