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Above yesterday's highs

BOND SUMMARY

It's the last day of the quarter and core fixed income markets have begun the day in a positive mood, with Treasuries, Bunds and gilts all above yesterday's highs. Some of this has been put down to being on stories of potential Russian attempts to hack German critical infrastructure and the banking system. Others have dismissed this and pointed instead to month-end rebalancing flows.

  • Eurozone inflation data has been the highlight of the morning, coming in in line with expectations. Core Y/Y fell from 1.0% to 0.9% and headline from 2.0% to 1.9%.
  • Looking ahead to later today, US ADP payrolls and the MNI Chicago Business Barometer will both be released. These will set the tone for tomorrow's ISM print and Friday's employment report.
  • TY1 futures are up 0-3 today at 132-11+ with 10y UST yields down -0.8bp at 1.463% and 2y yields down -0.3bp at 0.248%.
  • Bund futures are up 0.26 today at 172.33 with 10y Bund yields down -1.8bp at -0.189% and Schatz yields down -0.5bp at -0.662%.
  • Gilt futures are up 0.12 today at 128.08 with 10y yields down -1.5bp at 0.722% and 2y yields down -0.8bp at 0.049%.
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