EURO 10-YR BOND YIELDS REVERSE FALLS AFTER LAGARDE BRIEFING: FRA -1BP TO 4.93%, GER -3BP TO 3.35%, ITA -4BP TO 4.48%; FRA-GER SPREAD +3BP TO 158BP

Euro-area 10-year government bond yields reversed earlier declines after an ECB briefing by President Christine Lagarde, with French yields down 1 basis point to 4.93%, German yields down 3 basis points to 3.35%, and Italian yields down 4 basis points to 4.48%. The move reflects a repricing of rate expectations, as the reversal suggests the initial dovish read from the remarks was partly unwound once markets parsed the forward guidance on policy and inflation. Core German Bunds, which anchor euro-area rate expectations, moved most in absolute terms, while the French-German 10-year spread widened 3 basis points to 158 basis points, signalling that periphery-to-core risk premia are sensitive to any shift in the ECB's tone. Equities priced off the rate outlook, including the DAX and CAC, and the euro itself are exposed to the rate-differential channel, since a steeper or narrower yield gap against the US influences currency flows. Traders will watch the next euro-area flash HICP inflation print and the ECB's upcoming policy communications for confirmation of whether the easing bias holds.

The Euro (EUR) is the currency of 20 European Union member states. Major EUR movers include ECB Governing Council decisions, Eurozone CPI prints, Bund/BTP spread events, and political risk from France, Germany and Italy.

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