Government borrowing costs rose all over the world on Thursday, although German bond revenues came out of the high levels after recording its largest daily leap since the country was reunite 35 years ago on Wednesday.

The prices of bonds and tables move in two opposite directions, which means that the signs are higher when the value of the original decreases.

The return on German government bonds known as Bunds-on Wednesday, with the return of debt tools for 10 years adding about 30 basis points. The sale came after the legislators are expected to form the next coalition government in Germany He agreed to plans to reform the rules of historical debt policy To allow an increase in spending on the national defense.

German government borrowing costs continued to rise on Thursday, but it came out of the high levels at the end of the day.

Return on 10 years Bond,, It is seen as a standard for the wider euro area, as it decreased in the afternoon after its height earlier by 11 basis points. Return on 5- and 20 years old It ended around the flat line, after also trading early in the day. DAX Index, and at the same time – home to the largest companies in Germany – Turn to a record level Thursday.

Jim Reed, Deutsche Bank’s research expert, said in a note to customers on Thursday morning that the transformation of political equipment in Germany helped fuel a greater appetite for the most dangerous assets in Europe.

He said, “In terms of reactions, the rise in the Bund return for 10 years was the largest daily leap since the Germany was included in 1990,” noting that the euro and Germany. DAX index He jumped in the aftermath of the news. “There is no doubt that the markets are pricing in the transformation of the policy system in the generation once, which led to a big step for the risks of European origins.”

“With regard to drivers behind the sale, the expectation of a financial payment for the request and the center was as evidenced by the superior performance on German stocks and high inflation expectations,” Rabobank analysts said in a note on Thursday morning.

A wet appetite was seen in the rules throughout Europe on Thursday, as revenues on bonds increased throughout the region.

The upward step in European borrowing costs also comes before the latest monetary policy update from the European Central Bank. Markets Expect a quarter -point rate reduction When the central bank announces its decision later on Thursday, which would decrease the basic interest rate for the euro area to 2.5 %.

The revenues of the Italian and French bonds also ended for 10 years today, slightly lower, as it came out of the high levels earlier in the day.

The return on government bonds was closed for 10 years-known as Gilts-flat, after 6 basis points earlier. Earlier this year, the costs of borrowing the UK government Multiply Amid the high economic uncertainty.

In the trading of Asia, the process of selling bonds to the Japanese markets extended, with the return on Government bonds in Japan for 10 years Get 8 basis points during trading hours on Thursday.

Naim Aslam, chief investment official at Zaye Capital Markets in London, told CNBC that merchants should monitor bond yields in Japan, some of which are close to 16 -year levels Thursday.

Watch the increasing revenues of Japan despite the covered prices – [they] “It can indicate tension in the wider market,” he said in the comments.

In the United States, the return on the index 10 years of treasury The last time was seen trading 4 basis points at about 4.3148 %.

Mark Ostwald, ADM Investor Services, told CNBC on Thursday that he saw two main drivers behind the sale of global bonds.

“One is fear Trump identification wars “The inflation will be,” he said in the comments.

He added that “All that requires” 2.0 “ The European defense approach to Friedrich Mirz, who is likely to become the next German adviser, also accumulates bond prices.

“[This]Which along with the commitment of the European Union Defense spending intensification [around] 800 billion euros (864 billion dollars), which means a significant increase in government borrowing, [comes] While debt outside Germany is loaded on record levels, Ostwald said.

Ralph Bruyer, the global head of the G10 rates and the FX strategy at the American American Global Research, told him the e -mail on Thursday that the markets are struggling with three areas of uncertainty worldwide: the customs tariff, geopolitical and American financial policy.

“While the details of all these issues, at the present time, the shock of uncertainty dominates, in some way, the price market finds it difficult to price,” he said. “The Federal Reserve may fight to provide rapid discounts due to the risk of inflation, Europe no longer funds the American financial expansion, but it, but it is, [and] The definitions and political geography are still more harmful to the rest of the world than the United States.

In Europe specifically, Brojis said that the new political foot in Germany was challenging the Bank of America’s view.

“Germany is making a shift in its financial position,” he said. “We believe 10 years Bond [yields] It can reach 2.75 % response. This great departure from our basic issue is not the only challenge to our assumptions of 2025: The correction in the American stock markets and the gathering at the front end indicates that we may need to rethink risks about our expectations on a larger scale. “

Emmanouil Karimalis, an UBS Investment Bank, said that the market was “clearly responded” to the proposed financial reforms in Germany, as well as the European Union Restore the European plan.

“These plans indicate a significant increase in version patterns due to the urgent need to enhance defense spending in Europe,” he said in the comments on Thursday. Thus, investors are calling for a higher delegate to accommodate the expected increase in the offer. While there are also effects on growth and inflation, we believe that the financial news and the considerations of the offer have dominated this week. “