Global bonds sell off as investors react to Trump's tariffs and a German 'paradigm shift'

Global government borrowing costs rose on Thursday, with German bond yields coming off highs following a significant jump on Wednesday. The surge in yields was triggered by plans to reform historic debt policy rules in Germany, allowing for increased defense spending. Despite the initial rise, German government borrowing costs eased towards the end of the day, with the benchmark 10-year bund yield ticking lower as the DAX index reached a record high.

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