Global bond rout deepens as costs hit multi-decade highs

• Global bond yields are at multi-decade highs due to fiscal deficits and rising inflation, with US Treasury Secretary Scott Bessent expressing a contrarian 'not concerned' view.
• Oil prices, particularly Brent crude, are topping $95/barrel amid escalating US-Iran tensions and retaliatory strikes in the Middle East.
• Volkswagen plans to end production at four German factories by 2031, facing strong opposition from the IG Metall union, while Nokia is set to replace Volkswagen in the Euro Stoxx 50 index.
• UK Prime Minister Andy Burnham attributes stagnant growth to 1980s neoliberal policies and Brexit, and US stock markets experienced a third consecutive day of losses.

The global bond market is experiencing a significant rout with government borrowing costs hitting multi-decade highs, fueled by fiscal deficits and rising inflation. Geopolitical tensions in the Middle East are driving oil prices up, while major companies like Volkswagen face restructuring challenges. US stock markets are seeing losses, and European markets opened weak, reflecting broad market concerns.