European rates have backed up again over the past few sessions, with the 10y Bund yield back at 3.25%. The backdrop is one where the relief in energy markets has proved only fleeting, especially as natural gas prices in Europe have once again come closer to recent peaks. The European Central Bank itself was quick to signal that it stands by its hawkish intentions, and Isabel Schnabel is more likely to reiterate that stance at the Jackson Hole Symposium on Friday. France is increasingly moving into the focus of markets given its precarious fiscal situation and the added layer of political uncertainty.  [...]