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Free AccessAnother wide range start
- 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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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.