German government bonds ended October with the 10-year Bund yield around 3.34%, near levels last seen in late August and down more than 20 basis points for the month. Demand for safe-haven assets was supported by concerns about France’s fiscal outlook, social unrest and the ongoing conflict in the Middle East, while a cautious European Central Bank stance also weighed on yields. Eurozone growth slowed in the third quarter, with Germany losing momentum and France unexpectedly contracting as weaker exports and investment reduced output. Inflation remained persistent across the region. The ECB left its deposit rate at 2.50% unchanged and offered little guidance on its next policy move. President Christine Lagarde said policymakers discussed a rate increase but unanimously decided to hold, arguing that tighter financial conditions were helping contain price pressures. French 10-year yields were headed for a fifth consecutive monthly increase, briefly exceeding 5.14%, while the spread over German 10-year Bunds widened beyond 175 basis points. The shift toward safer assets was also reinforced by a global technology-stock selloff after disappointing earnings and higher capital spending from Alphabet, Amazon and Intel raised concerns about corporate debt, cash burn and consumer electronics demand.