Global bond rout resumes: US 10Y back above 4.5%, 30Y tops 5%, UK gilts ~4.9%, France 10Y OAT clears 3.80% at June 4 auction

Sovereign-bond yields backed up sharply across the developed world in early June 2026 as the energy-driven inflation shock and a blowout US jobs report (May payrolls +172,000) pushed central-bank pricing from cuts toward holds and hikes. After a brief mid-window respite when oil eased, the May 29-June 5 stretch saw renewed selling: on June 3, with WTI closing up 2.41% at $96.02 and Brent +1.89% at $97.81 plus a strong ADP print, the US 10-year rose above 4.489%; by June 5, after the jobs report, the 10-year jumped ~6bp to 4.544% (highest since May 21), the policy-sensitive 2-year leapt ~11bp to 4.162% (highest since February 2025), and the 30-year topped 5.007% — extending a move that had hit a 19-year high near 5.20% in mid-May.

The selloff was global: UK 10-year gilt yields traded around 4.9% tracking Treasuries; France's 10-year OAT cleared 3.80% at its June 4 auction, up from 3.61% prior, reflecting a fatter term premium; and Japan's 30-year JGB hovered near 3.90% after setting an all-time high (data back to 1999) in May as the BoJ moved toward a June hike. The common thread: a persistent geopolitical energy premium (Iran/Middle East), sticky core inflation above target, and resilient labor data forcing markets to price 'higher-for-longer' or tightening.