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BONDS: EGBs-GILTS CASH CLOSE: Yields Reverse The Week's Drop On Solid PMIs

BONDS

Bund and Gilt yields rose sharply Thursday, erasing the gains made in the 3 previous sessions this week.

  • Data was mixed:. Stronger-than-expected UK and Eurozone August flash services PMIs carried the most weight in setting a bearish tone for core FI.
  • This contrasted with Q2 ECB negotiated wage data which came in on the soft side.
  • The UK and German curves leaned bear steeper, with notable weakness in curve bellies.
  • Periphery EGB spreads closed mostly tighter, with BTP widening to Bund the notable exception.
  • Friday's schedule is dominated by the Federal Reserve's Jackson Hole symposium, with Fed's Powell and BoE's Bailey the known highlights; we also get French sentiment data and ECB inflation expectations.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 4bps at 2.397%, 5-Yr is up 5.1bps at 2.157%, 10-Yr is up 5.3bps at 2.244%, and 30-Yr is up 4.6bps at 2.475%.
  • UK: The 2-Yr yield is up 5.7bps at 3.721%, 5-Yr is up 7bps at 3.771%, 10-Yr is up 6.9bps at 3.96%, and 30-Yr is up 6.3bps at 4.504%.
  • Italian BTP spread up 0.6bps at 137.3bps / Spanish down 0.3bps at 81bps  
     
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