Germany’s 10-year Bund yield briefly exceeded 3.6%, its highest level since June 2009, before ending the week at 3.57%, as stronger economic data, elevated energy prices and hawkish central-bank signals intensified a global government-bond sell-off. Oil later retreated from a two-day rally amid reports of possible phased US-Iran talks that could reopen the Strait of Hormuz and ease the US blockade on Iranian ports, though inflation concerns persisted. Money markets priced roughly 100 basis points of interest-rate hikes by the end of October 2027, while German consumer sentiment weakened more than expected heading into October.