Germany’s 10-year bond yield fell to a two-month low of 0.910%, down 9 basis points (bps), with other benchmark yields across the eurozone falling by similar rates.
The yield fell 43 bps in July and is expected to post its biggest monthly decline since 2012 as market attention turns from high inflation to the possibility of a sharp economic slowdown or possible recession.
Russia increased pressure through natural gas on Monday. Gazprom said supplies through the Nord Stream 1 pipeline in Germany would be reduced to just 20% of capacity.
According to Deutsche Bank, at 40% capacity Germany could get through the winter, but at 20% it will likely need to resort to rationing.
Source: Capital
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