European government bonds showed little overall movement on Tuesday, giving back earlier gains after a brief uptick spurred by US Treasury Secretary Scott Bessent’s announcement of a long-dated bond buyback program. A slight retreat in oil prices provided some support for shorter-dated securities, helping to cushion the session’s fluctuations.

The yield on Germany’s 30-year Bund slipped as much as 2 basis points to 3.74% before paring the decline in late trading, while the two-year yield fell 2 basis points to 2.85%. Meanwhile, UK gilts moved in the opposite direction, with the 30-year yield climbing 2 basis points to 5.81% and the two-year yield rising 2 basis points to 4.38%.

French bonds saw notable pressure, as the 10-year yield briefly jumped 4 basis points to 4.15%, marking its highest level since 2008. The spread between French and German 10-year yields widened to 86 basis points, edging close to levels not seen since 2012, reflecting persistent concerns over fiscal policy in the eurozone’s second-largest economy.

In broader market moves, Germany’s 10-year yield held steady at 3.26%, while Bund futures gained 13 ticks to 123.89. Italy’s 10-year yield rose 1 basis point to 4.07%, with the gap over German equivalents widening 1 basis point to 81 basis points. France’s 10-year yield finished flat at 4.11%, and the UK’s 10-year yield advanced 3 basis points to 5.07%, underscoring divergent trends across the region.