Eurozone Bonds Fall as Business Activity and Manufacturing PMI Decline in November

European bonds fell as Germany plans to suspend debt limits for a fourth consecutive year, raising concerns about increased borrowing amid a slowing euro-area economy. Yields on German 10-year debt rose, along with other core European bonds, following hawkish comments by policymakers. The European Central Bank indicated it won't cut rates while wage growth remains elevated, and officials agreed to raise borrowing costs if necessary. S&P Global's purchasing managers' index showed contraction in November, while European stocks struggled for traction. In other news, crude oil prices dropped as discord within OPEC+ led to a delay in their meeting, dampening speculation of further production cuts. Iron ore also tumbled after Chinese authorities intensified efforts to cool the rally in steelmaking ingredients.