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EGBs-GILTS CASH CLOSE: Yields Move Lower Alongside Oil Prices

BONDS

EGBs rallied strongly across the board throughout Wednesday's session.

  • A sharp drop in oil prices overnight, triggered in part on global growth concerns, helped drag on yields (and equities) early.
  • Though stocks rallied in the afternoon, the oil bounce alongside was relatively tame and core FI held gains.
  • Gilts outperformed Bunds (despite May UK inflation slightly above expectations); the UK curve bull steepened with Germany bull flattening.
  • BTP spreads opened wider but narrowed over the course of the day. GGBs underperformed.
  • Attention turns to PMI data Thursday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

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EGBs rallied strongly across the board throughout Wednesday's session.

  • A sharp drop in oil prices overnight, triggered in part on global growth concerns, helped drag on yields (and equities) early.
  • Though stocks rallied in the afternoon, the oil bounce alongside was relatively tame and core FI held gains.
  • Gilts outperformed Bunds (despite May UK inflation slightly above expectations); the UK curve bull steepened with Germany bull flattening.
  • BTP spreads opened wider but narrowed over the course of the day. GGBs underperformed.
  • Attention turns to PMI data Thursday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

Keep reading...Show less