According to a report by Eugene Leow, a rates strategist at DBS Group, movements in the German government bond yield curve overnight during the US market closure reflected market expectations of increased military spending by the European Union. This followed US President Donald Trump's proposal of tariffs related to Greenland. Leow stated that safe-haven sentiment drove the front end of the yield curve lower, while long-end yields fell due to concerns about additional fiscal spending, resulting in a steeper yield curve. He further pointed out that under the current circumstances, "the strategy of capital flowing into government bonds (US Treasuries or European government bonds) for safety may not be as effective as before."

Financial decoupling, where European economies reduce their holdings of US assets, poses a significant risk. This trend intensifies concerns that US Treasuries are "no longer perceived as the safe asset they once were." Instead, safe-haven demand is shifting towards precious metals, such as gold and silver.