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BONDS: EGBs-GILTS CASH CLOSE: Curve Bellies Outperform As Gains Extend

BONDS
BulletMarketsFixed Income Bullets

Core European instruments extended gains to a 6th consecutive session Tuesday.

  • After an slightly weak start to the day, Gilts and Bunds gained in afternoon trade on apparent global growth concerns, as broad-based weakness in commodities led by oil boosted safe-haven assets.
  • Earlier, a largely in-line UK labour market report did not provide much to move expectations for the BoE, while final German CPI was inline.
  • Curve bellies outperformed in Germany and the UK. Periphery EGB spreads were little changed.
  • Most attention Wednesday will be on US CPI, but before that we get monthly UK activity data.
  • Looking beyond that, a 25bps cut at Thursday's ECB meeting is unanimously expected (and priced in), leaving focus on the policy guidance and revised projections. (MNI's ECB preview is here.)

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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Core European instruments extended gains to a 6th consecutive session Tuesday.

  • After an slightly weak start to the day, Gilts and Bunds gained in afternoon trade on apparent global growth concerns, as broad-based weakness in commodities led by oil boosted safe-haven assets.
  • Earlier, a largely in-line UK labour market report did not provide much to move expectations for the BoE, while final German CPI was inline.
  • Curve bellies outperformed in Germany and the UK. Periphery EGB spreads were little changed.
  • Most attention Wednesday will be on US CPI, but before that we get monthly UK activity data.
  • Looking beyond that, a 25bps cut at Thursday's ECB meeting is unanimously expected (and priced in), leaving focus on the policy guidance and revised projections. (MNI's ECB preview is here.)

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less