Market expectations that the Strait of Hormuz will soon resume normal shipping have driven oil prices lower, while the bullish steepening of German and UK government bond yield curves continues.

Germany's 10-year bond yield slipped 5 basis points to 3.10%, and the UK's 10-year gilt yield dropped 4 basis points to 4.91%.

Brent crude oil fell below $80 per barrel for the first time since July 13.

Interest rate swap markets indicate that traders now expect the European Central Bank to raise rates by a total of 37 basis points by the end of the year, while the Bank of England is anticipated to deliver a cumulative 26 basis points of rate hikes in 2023.