Big moves since the US equity cash open at 1430BST: 10Y Bund yields up 6.5bp since then, 1.332% (+5.9bp on the day). UK yields touched 2.25%, fresh post-2014 high, up 8.7bp since in the last couple of hours.

• Decisive bear steepening in the German curve over that span of time (2s10s +3.7bp), UK (2s10s +1bp) much less so - see chart.
• The German short end hasn't moved a great deal, though worth noting that at the current close, STIR futures imply the highest expected end-year central bank policy rates of the cycle for the ECB.
• Conversely, UK short-end yields have moved higher in parallel with instruments further down the curve.

Germany 2s10s spreadSource: BBG, MNI