US data broadly matched expectations; core CPI MoM was slightly softer. That
allowed German Bunds to retrace earlier losses and return to roughly pre-release
levels after an oil-price spike — triggered by Trump saying talks with Iran were
taking too long and Iran would "have to pay a price" — had pushed Bunds lower.
High-beta markets remained under pressure: 10-year French bond futures fell more
than 6 bps and 10-year Italian futures fell over 12 bps.