【天然气价格上涨对欧元区债券的利空影响减弱】德国短端国债收益率对能源冲击的韧性正在增强，这意味着其长期来看更有可能下行。过去一周欧洲天然气价格持续走高，突破9月创下的多年高位。但德国收益率曲线短端波动微弱。事实上，德国两年期国债收益率与天然气价格的相关性，已降至伊朗冲突爆发以来最低水平。欧元区收益率曲线短端走势愈发稳定。法国局势动荡，且市场认为政策利率已处于中性区间上限，交易员不愿加码押注欧洲央行收紧货币政策。冬季来临前库存偏低，伊朗与乌克兰冲突暂无明显解决迹象，天然气价格存在进一步上行空间。
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