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Another fast markets start

BONDS
  • A busy start for EGBs and Bund, with futures taking their cue from some of the German regional CPI misses versus last.
  • It's another 210 ticks range for the German 10yr, but are well off the sessions high, and actually drifting towards the session low at the time of typing.
  • Some of the pullback has been attributed to the Spanish CPI big beat, coming at 10% vs median estimates of 8.7%, and likely some position squaring.
  • Peripherals are all tighter, Greece by 4.2bps so far today.
  • Gilts underperforms Bund, pushing the Gilt/Bund spread 1.2bp wider, but well within ranges.
  • US Treasuries have also lagged Europe, but are nonetheless also in green territory, underpinned by the moves in Europe.
  • Looking ahead, German National CPI, and out of the US sees third readings for GDP, so more focus on the US PCE.
  • Still plenty of speakers are left, with ECB Schnabel, Lagarde, BoE Bailey, Swati, Fed Powell, Mester and Bullard.
  • Sep Bund futures (RX) up 48 ticks at 145.66 (L: 145.27 / H: 147.37)
  • Germany: The 2-Yr yield is down 3.5bps at 0.922%, 5-Yr is down 4.6bps at 1.387%, 10-Yr is down 2.5bps at 1.603%, and 30-Yr is down 2.1bps at 1.807%.
  • Sep Gilt futures (G) up 10 ticks at 112.25 (L: 112.1 / H: 112.66)
  • UK: The 2-Yr yield is down 3.3bps at 2.083%, 5-Yr is down 2bps at 2.122%, 10-Yr is down 1.1bps at 2.454%, and 30-Yr is up 1.2bps at 2.724%.
  • Sep BTP futures (IK) up 83 ticks at 121.02 (L: 120.6 / H: 121.83)
  • Sep OAT futures (OA) up 39 ticks at 136.29 (L: 135.94 / H: 137.57)
  • Italian BTP spread down 4.4bps at 188.8bps
  • Spanish bond spread down 1.9bps at 107.8bps
  • Portuguese PGB spread down 2bps at 105.6bps
  • Greek bond spread down 2.8bps at 223.3bps
  • US 2-Yr yield is down 1bps at 3.0994%, 5-Yr is down 2.1bps at 3.2125%, 10-Yr is down 1.1bps at 3.1603%, and 30-Yr is down 0.5bps at 3.2736%.
  • The Sep 22 T-Note future is up 11.5/32 at 117-20, having traded in a range of 116-270 to 117-125.
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