币界网报道：BlackRock, the world's largest asset manager, has shifted its bond market preference from Germany to the UK, citing concerns over Germany's fiscal expansion plans. The firm's Chief Investment Officer of Global Fixed Income, Rick Rieder, stated that Germany's proposed stimulus measures could lead to higher debt issuance and potential inflationary pressures, making UK gilts more attractive in comparison. This strategic pivot comes as Germany debates a €60 billion supplementary budget focused on climate initiatives and economic support, while the UK maintains relatively tighter fiscal policies. BlackRock's move reflects broader market unease about European sovereign debt sustainability amid rising spending. The asset manager has been reducing exposure to eurozone bonds throughout 2023, particularly in southern European nations, while increasing allocations to UK and US debt instruments. Market analysts note this reallocation could influence other institutional investors' positioning in European bond markets. The yield spread between 10-year German bunds and UK gilts has narrowed to 65 basis points from over 100 basis points earlier this year, indicating shifting investor perceptions of relative risk. BlackRock's $10 trillion in assets under management gives its investment decisions significant weight in global fixed income markets.