A peace deal between the US and Iran should see the Strait of Hormuz reopen, which triggered a sharp selloff in the oil price and a rally in bond markets. Read on for a breakdown of fixed income news across sectors and regions.

Political and geopolitical shocks have revived inflation and growth risks, complicating central banks’ easing plans and increasing pressure on UK gilts.

The macroeconomic backdrop has weakened, but there is a solid base for recovery – a recovery that has been put back rather than put off.