German and French sovereign yields climbed to multi-year highs Thursday as euro area money markets priced a steeper European Central Bank path after the latest deposit-rate move. Germany’s 10-year Bund yield traded around 3.45% to 3.49%, the highest since April 2011, spanning prints cited by the Guardian and Il Sole 24 Ore. France’s 10-year OAT yield was about 4.34% to 4.39%, the highest since October 2008, those outlets said.
France’s 30-year yield near 5.08%, levels last seen around December 2003, matches Reuters framing on the French long end. Reuters said money markets priced about 85 basis points of further ECB tightening by end-2027, with a December hike fully priced in swaps. The ECB deposit rate at 2.50% after a 25 basis-point move is one-line context only.
The move is a euro curve repricing after the hawkish path, distinct from parallel UK gilt action. A session high is not the last.
Sources: Reuters (Harry Robertson), Sep. 10, 2026; The Guardian; Il Sole 24 Ore.
