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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: Canada Commits To Just One Of Three Fiscal Anchors
MNI POLITICAL RISK - Thune Eyes 'Deficit-Negative' Legislation
Bear steepening this morning
EGB's have bear steepened during the morning session, with long end part of the curve sold on Equity buying.
- Bid in risk is option expiry related, as gamma kicked in.
- Peripheral were also sold hard, pushing spread against Germany 10s wider.
- Greece sit at 7.6bps, while Italy, Portugal and Spain trend around 3bps wider this morning.
- Gilts has held onto gains, with Brexit still at the forefront, ahead of the MEP Sunday deadline.
- Gap still remain, and the window is clearly narrowing with just 2 weeks to the end of the transition period.
- We await on potential update from Boris Johnson.
- Treasuries have traded in tandem with EGBs, also weighted by US stimulus hope.
- @ChadPergram: "Work continues behind the scenes on coronavirus bill. Still no bill text. Government funding expires tonight at 11:59:59 pm et. Interim bill likely to avert shutdown tonight. Weekend work likely in Congress to finish up"
- Looking ahead, sees little in terms of data, with all eyes on Brexit and US stimulus going into the weekend.
- Fed's Brainard Discusses Climate Change and Financial regulations.
- Mar Bund futures (RX) down 33 ticks at 177.36 (L: 177.32 / H: 177.85)
- Mar Gilt futures (G) down 2 ticks at 134.61 (L: 134.53 / H: 134.82)
- Mar BTP futures (IK) down 54 ticks at 151.54 (L: 151.48 / H: 152.18)Italy / German 10-Yr spread 2.3bps wider at 113.3bps
- Mar OAT futures (OA) down 34 ticks at 167.42 (L: 167.38 / H: 167.91)
- US Mar 10-Yr futures (TY) down 2.5/32 at 137-25 (L: 137-24.5/ H: 137-30.5)
To read the full story
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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.