George Nixon

After a turbulent stretch for the US bond market, traders are heading into Friday’s session with questions about what Treasury Secretary Scott Bessent’s next move will be.

Natural gas has overtaken oil to become the biggest concern for European bond traders as depleted supplies of the key fuel threaten a resurgence in inflation.

NATURAL gas has overtaken oil to become the biggest concern for European bond traders as depleted supplies of the key fuel threaten a resurgence in inflation.

Gilts led a selloff in global government bonds on Tuesday as investors played catch up after the UK market was closed for a holiday.

UK Prime Minister Andy Burnham was confronted by the harsh reality of Britain’s weak public finances on his return to parliament on Tuesday as the global selloff in government bonds left him facing a £12 billion problem.

Government borrowing costs have been surging around the world as investors demand more compensation to entice them to hold longer-maturity debt. Yields on 30-year Japanese government bonds are near all-time highs at 4.19%, while 30-year UK government bond yields are at their highest since 1998. A Bloomberg gauge tracking government debt across the Group of Seven countries now yields its highest on average since September 2000.

The bond selloff continued in Europe and the UK on Wednesday, as natural gas prices rose further and kept investors worried about inflation.

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The UK is set to pay its highest borrowing costs on a debt sale since at least 1998 as a global bond selloff sent yields surging and squeezed the government’s finances.

Traders are boosting bets on interest-rate hikes from the European Central Bank and the Bank of England as climbing energy prices threaten to keep inflation entrenched through the coming year.