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Free AccessA fairly substantial downside miss.....>
BOND SUMMARY: A fairly substantial downside miss in EMU April flash CPI data,
particularly core which came in at 0.7% Y/Y (vs 0.9% exp) shot EGBs higher after
some early session weakness post-FOMC. Bund futures jumped to intraday highs,
RXM8 26 ticks higher last trading at 158.85.
- Not a great deal of movement in 2018-19 ECB rate expectations regardless, with
MNI Pinch seeing a modest lowering but nothing significant. But Euribor curve
seeing some flattening with blues rallying, ERZ1 up 4 ticks at 99.19.
- 10-yr Bund/Bono spread extended its tightening move following the decent 3-yr,
10-yr and 50-yr Bono auctions, tightened further in wake of the EMU infl data,
then widened slightly again. Spread is currently 1.7bp tighter at 71.3bps.
-June Gilt future reversed small losses and ticks to fresh session highs
following lower than expected rise in UK service PMI and EMU CPI. G M8 last 29
ticks higher at 121.20.
- Fairly muted reaction in US Tsys to FOMC yesterday though 2s10s curve is
flattening slightly as 10s outperform, yields down 1.5bps to 2.9514%.
- JGBs market closed today for holiday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.