Germany sells EUR 3.807bln vs exp. EUR 5bln 2.50% 2028 Schatz: b/c 1.90x (prev. 1.58x), average yield 2.57% (prev. 2.59%), retention 23.86% (prev. 22.80%)

German Chancellor Merz says will not form a minority government, not looking for another majority in parliament

Israel Finance Minister Smotrich's says there will not be a withdrawal from the Lebanon security zone as long as Hezbollah remains in the area, via Army Radio

Germany sells EUR 3.807bln vs exp. EUR 5bln 2.50% 2028 Schatz: b/c 1.90x (prev. 1.58x), average yield 2.57% (prev. 2.59%), retention 23.86% (prev. 22.80%)

[MARKET ANALYSIS] Fixed benefits from modest energy downside and traditional haven allure. PMI commentary points to a possible peak in price pressures.

[MARKET ANALYSIS] USD attracts haven demand as tech sells off; Antipodeans underperform, GBP awaiting further Burnham/Chancellor updates