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Another wide range start

BONDS
  • A wide trading session for EGBs and Bund, with most trading in over 100 ticks range.
  • Bonds have traded heavier this morning unwinding some of the latest rallies.
  • The main event of the day, was the EU inflation data.
  • Month-over-month, prices rose an estimated 0.8%, with the increase driven in part by higher gas prices, with strong y/y gains seen in Italy and Spain. German harmonised inflation slowed modestly, helped by fuel and travel subsidies, but it wasn't enough to slow the increase
  • across the entire bloc.
  • Core inflation, ex-energy, food, alcohol and tobacco slowed moderately in June, dipping to 3.7% from 3.8% in May.
  • Alone, energy inflation stood at 41.9% y/y, up from 39.1% in May.
  • Peripherals are mixed, Greece is 8.2bps tighter, while Portugal is 1.8bps wider.
  • Gilt outperforms Germany and EGBs, pushing the Gilt/Bund spread 2.2bps tighter, but well with yesterday's range.
  • US Treasuries have also hold onto gains in the shorter and part of the curve 2s and 5s.
  • Most of the US, EU and UK curves are steeper, as the longer end 30yr trades in the red.
  • Looking ahead, US ISM is the notable release left.
  • Speakers include ECB Panetta, de Cos.
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  • A wide trading session for EGBs and Bund, with most trading in over 100 ticks range.
  • Bonds have traded heavier this morning unwinding some of the latest rallies.
  • The main event of the day, was the EU inflation data.
  • Month-over-month, prices rose an estimated 0.8%, with the increase driven in part by higher gas prices, with strong y/y gains seen in Italy and Spain. German harmonised inflation slowed modestly, helped by fuel and travel subsidies, but it wasn't enough to slow the increase
  • across the entire bloc.
  • Core inflation, ex-energy, food, alcohol and tobacco slowed moderately in June, dipping to 3.7% from 3.8% in May.
  • Alone, energy inflation stood at 41.9% y/y, up from 39.1% in May.
  • Peripherals are mixed, Greece is 8.2bps tighter, while Portugal is 1.8bps wider.
  • Gilt outperforms Germany and EGBs, pushing the Gilt/Bund spread 2.2bps tighter, but well with yesterday's range.
  • US Treasuries have also hold onto gains in the shorter and part of the curve 2s and 5s.
  • Most of the US, EU and UK curves are steeper, as the longer end 30yr trades in the red.
  • Looking ahead, US ISM is the notable release left.
  • Speakers include ECB Panetta, de Cos.