European Bond Market: German bonds and UK bonds held steady, with the long end performing slightly worse.

German and British government bonds retraced their gains, as negotiations regarding the reopening of the Strait of Hormuz remain unclear, leading oil prices to regain earlier losses. Traders largely ignored the U.S. July inflation data, which met market expectations. Currently, the European Central Bank is expected to raise interest rates by 39 basis points by the end of the year, while the Bank of England is projected to increase rates by 28 basis points by year-end. Brent crude oil prices fell by 0.1% to $88.82 per barrel.