0601 GMT - Eurozone rates remain caught in an "endless cycle of hope and fear" with German Bunds suffering their worst July in more than two decades, rates strategists at Barclays write in a note. "Cheaper yield levels may make it easier for post-summer supply to be absorbed, but front-end rates and global factors remain firmly in the driving seat for now," they say. While "tariff-on, tariff-off" was a feature of 2025, "war-on, war-off" is the theme of 2026, they say. At 3.15% for the 10-year Bund, they are at the cheaper end of the range, and still being driven by the Middle East conflict and its impact on growth, inflation and consequently, monetary policy, they say.