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MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

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An incredibly busy start of the week

BONDS
  • A really busy start for the week, with Yield resuming their rallies.
  • EGBs and Bund futures are plummeting, pushing Yield to new multi year highs.
  • Short term Rate, has seen the Euribor strip, now pricing more aggressive hikes for the ECB, December future is close to pricing 150bps by year end.
  • BTP has led the falls, and 10yr Yield rise to the highest level since January 2014.
  • BTP/Bund spread has widened by another 7.6bps, and now trades above 230bps, at 231.3bps.
  • Gilt is also under pressure, but outperforms, following the UK data miss on the EU cash Govie open.
  • Gilt/Bund spread sits 3.1bps tighter, at 89.7bps.
  • Treasuries were also drifting lower, inline with EGBs, but are off session lows at the typing.
  • Tnotes future found support just short of the 2018 peak in 10yr Yield, at 3.2594%, printed a 3.2458% high.
  • Looking ahead, there's no Tier 1 data for the session, but a busy week ahead, with Brexit (today), Fed (wed), and BoE (thur).
  • The week is also packed with ECB speakers plus heavy supply.
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