-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Daily Summary: Wednesday, December 11
BONDS: EGBs-GILTS CASH CLOSE: Yields Test August Lows Ahead of ECB
Risk-off trade remained the dominant theme Wednesday as Gilts and Bunds extended their yield drop to a 7th consecutive session.
- Bunds and Gilts opened firmer, owing partly to the overnight unwind of reflationary trades after Wednesday night's US presidential debate boosted VP Harris's bookmaker-implied winning probability. Softer than expected UK activity data also contributed.
- The key event was US CPI, the core component of which came in well above expectations. Coming against the backdrop of next week's Fed decision, this all but priced out a 50bp cut in favour of 25bp.
- That initially saw short-end yields back up to session highs as global central bank cuts were priced out. But concerns over the broader macro impact of relatively tighter monetary policy won out in the end, ultimately helping revive the ongoing global growth slowdown-related bid for bonds.
- European yields tested the August lows. On the day, Gilts outperformed Bunds, with both curves seeing bull steepening.
- Periphery spreads narrowed slightly, led by GGBs and BTPs.
- Thursday's highlight is the ECB decision - a 25bp cut is unanimously expected and fully priced in - MNI's preview is here (PDF).
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 2.6bps at 2.152%, 5-Yr is down 2.2bps at 1.971%, 10-Yr is down 1.9bps at 2.112%, and 30-Yr is down 1.1bps at 2.395%.
- UK: The 2-Yr yield is down 6.9bps at 3.791%, 5-Yr is down 7bps at 3.615%, 10-Yr is down 5.8bps at 3.761%, and 30-Yr is down 2.6bps at 4.372%.
- Italian BTP spread down 2.2bps at 143bps / Greek down 2.2bps at 102.7bps
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.