German Bunds Open Higher; 10-Year Yield Falls 7bps to 3.40%

A 7bp opening move in the euro-area benchmark is a large single-session repricing, not routine drift, and it matters because Bund yields anchor borrowing costs across the currency bloc. The signal is strongest for rate-sensitive corners of European credit and for the spread between German debt and its euro-area peers. Whether this is a genuine repricing of the rate outlook or an opening-range overreaction is the open question, and the answer likely shows up in how the yield holds through the session.