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BONDS: EGBs-GILTS CASH CLOSE: Rally Extends Amid Mixed US Jobs Data

BONDS
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Core European yields fell for a third consecutive session Thursday, with US labour market data continuing to guide direction ahead of Friday's key nonfarm payrolls release.

  • Bunds and Gilts started on the back foot, with EGBs weighed down by heavy Spanish and French supply, and a stronger-than-expected headline German factory orders reading.
  • US data including a below-expected ADP private payrolls figure helped boost global core FI in early afternoon trade, with Bund and Gilt futures hitting session highs, but the rally was pared later in the session due in part to a solid US ISM Services report.
  • The German and UK curves bull steepened onthe day, with Gilts outperforming slightly overall.
  • Periphery EGB spreads were little changed, with BTPs rising from intraday tights set after the announcement of Michel Barnier as the new French PM.
  • Most focus Friday will be on the US employment report; we also get German and French industrial production data, and the final reading of Eurozone Q2 GDP which will include key details on labour costs ahead of next week's ECB meeting.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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Core European yields fell for a third consecutive session Thursday, with US labour market data continuing to guide direction ahead of Friday's key nonfarm payrolls release.

  • Bunds and Gilts started on the back foot, with EGBs weighed down by heavy Spanish and French supply, and a stronger-than-expected headline German factory orders reading.
  • US data including a below-expected ADP private payrolls figure helped boost global core FI in early afternoon trade, with Bund and Gilt futures hitting session highs, but the rally was pared later in the session due in part to a solid US ISM Services report.
  • The German and UK curves bull steepened onthe day, with Gilts outperforming slightly overall.
  • Periphery EGB spreads were little changed, with BTPs rising from intraday tights set after the announcement of Michel Barnier as the new French PM.
  • Most focus Friday will be on the US employment report; we also get German and French industrial production data, and the final reading of Eurozone Q2 GDP which will include key details on labour costs ahead of next week's ECB meeting.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less