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Bounce on European open doesn't last

BONDS

After Treasuries sold off in the Asia session following some headlines that the Omicron variant is only causing mild illness and headlines suggesting that it would not take too long to develop adapted booster doses if required. On the European open Bunds bounced higher, but have since given up these gains to also trade lower on the day.

  • On the data front, we had Spanish HICP data in line (but the national print a tenth higher) while German state CPI data so far is coming in a bit on the high side, which is probably helping EGBs off their highs.
  • Focus will continue to be on the Omicron reaction through the rest of the day.
  • TY1 futures are down -0-11+ today at 130-26 with 10y UST yields up 6.3bp at 1.539% and 2y yields up 4.5bp at 0.546%.
  • Bund futures are down -0.47 today at 171.87 with 10y Bund yields up 2.9bp at -0.309% and Schatz yields up 3.1bp at -0.798%.
  • Gilt futures are down -0.55 today at 125.95 with 10y yields up 4.7bp at 0.869% and 2y yields up 4.4bp at 0.499%.
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