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BONDS: EGBs-GILTS CASH CLOSE: OATs Underperform On Fiscal Concerns

BONDS
BulletMarketsFixed Income Bullets

Core European FI weakened slightly Friday, with OATs underperforming.

  • Yields fell early in the session as equities pulled back. But they rose over most of the rest of the session, led by weakening OATs amid reports of negative fiscal developments in France.
  • Yields closed off the highs on dovish comments by Fed Gov Waller just prior to the European cash close.
  • BoE's Mann, a hawk, notably said that she contemplated a cut at August's meeting.
  • In data, German PPI, Eurozone consumer confidence, and UK retail sales / public sector borrowing were all higher than consensus - no significant market impact however.
  • The German and UK curves leaned bear steeper, but segments overall were mixed. OATs underperformed (10Y 2.1bp wider to Bunds). Periphery EGB spreads tightened modestly.
  • Next week opens with flash September PMIs on Monday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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Core European FI weakened slightly Friday, with OATs underperforming.

  • Yields fell early in the session as equities pulled back. But they rose over most of the rest of the session, led by weakening OATs amid reports of negative fiscal developments in France.
  • Yields closed off the highs on dovish comments by Fed Gov Waller just prior to the European cash close.
  • BoE's Mann, a hawk, notably said that she contemplated a cut at August's meeting.
  • In data, German PPI, Eurozone consumer confidence, and UK retail sales / public sector borrowing were all higher than consensus - no significant market impact however.
  • The German and UK curves leaned bear steeper, but segments overall were mixed. OATs underperformed (10Y 2.1bp wider to Bunds). Periphery EGB spreads tightened modestly.
  • Next week opens with flash September PMIs on Monday.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less