Positive risk sentiment is helping yields up and was reflected in solid demand for Greece’s 30y bond sale. Euro rates will now focus on this week’s US PCE reading as the impact is likely to spill over into the market pricing for 2024 European Central Bank cuts. Markets are happy to take on risk Risk appetite in the eurozone is healthy and helping yields up from the back end. Monday’s eurozone PMI numbers impressed markets and today the German Ifo survey was also slightly better than expected. Germany remains a drag on the overall eurozone growth outlook, but most indicators seem to point towards a careful recovery. ... (full story)