The week started with a strong risk off move, particularly in the US. In the eurozone, the Sentix index of investor confidencefor March hit its highest level since 2021, while German industrial production for January came in above expectations.Sovereign yield curves flattened as the short end declined, while the long end and spreads were broadly flat.
The US Treasury curve also flattened, with yields falling across maturities on concerns about the impact of tariffs on USeconomic growth. In the equity market, tariff fears led to declines across the board, with US indices falling the most despit eseveral US officials pushing back on recession talk as a NY Fed survey showed US consumers worried about the outlook.
In the currency market, the dollar was flat against the euro but weakened against the yen as expectations of another BoJ ratehike this year pushed the Japanese 10 year Treasury yield to its highest since 2008. In commodities, a barrel of Brent crudefell, sitting below USD 70, as investors worried about the impact of tariffs on global demand.
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