Global Bond Selloff Continues, Oil Rises on Limited US-Iran Progress

European shares fell and bond yields rose as a global selloff continued, driven by better-than-expected US PMI data and expectations of further Fed rate hikes. Oil prices edged higher with Brent above $104 on limited progress in US-Iran talks. Central banks diverged: Switzerland and Sweden held rates, Norway hiked. BOE Deputy Governor Lombardelli said a rate rise becomes increasingly likely if energy prices stay high. German Ifo business sentiment rose to its highest since May 2023. The Trump-Xi summit began, with Iran support a key topic. Schneider Electric announced a €1.2B bid for Shelly Group. Delivery Hero cancelled CEO transition plans due to Uber's $14.8B bid. The Arnault family moved to consolidate control of LVMH.