Frankfurt (dpa -AfX) – The courses of German federal bonds remain under pressure. The directional schedule Euro-Bund-Future fell 0.08 percent to 127.72 points on Friday morning. The return of ten -year -old federal bonds was 2.83 percent.
The day before, she had temporarily climbed to 2.93 percent and thus the highest level since autumn 2023. Before the announcement of the historical fiscal package in Germany, the return was still below 2.50 percent. On Wednesday she had risen as much in one day as it has not been since 1990. Also in other countries of the Euro zone The returns recently attracted. The reason for the return boost is the agreement between the Union and the SPD in Germany, billion -dollar loans for defense and infrastructure. For this purpose, the debt brake for certain defense spending is to be relaxed in the Basic Law. In addition, 500 billion euros will flow into the infrastructure via loans in the next few years.
Dekabank’s experts write in a market commentary of a “gamuchanger” by Germany as a new government. “We continue to expect higher risk premiums for longer terms due to the foreseeable high range of bonds.” In the absence of details, however, the effects of the fiscal political impulses are difficult to estimate. For Germany, 0.2 percentage points are now expecting more growth than before and 0.5 and 0.6 percentage points more for the following two years. However, there are also risks in the event of the introduction of US import tariffs for products from the European Union.
In the meantime, the European Central Bank still appears satisfied with the inflation view, the Dekabank comment says. Since you are yours Monetary policy The decabank experts expect a break in April as much less restrictive. As expected, the ECB had slightly reduced the key interest on Thursday ./mis/jkr/jha/