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Brexit progress and CB speakers in focus later today


After a strong start to the morning, core fixed income markets have given up most of their gains.

  • Perhaps the biggest story of the morning is a breaking news tweet from Sky News that says "EU ambassadors were told there is a good chance of a Brexit trade agreement" - this flies in the face of headlines earlier this morning that suggested little progress had been made. There continues to seem to be little progress on EU Budget negotiations, however.
  • Brexit headlines will likely still be dominant (if there are any later today). The market will also focus on speeches from ECB's Weidmann and the Fed's Kaplan, Barkin and George.
  • TY1 futures are up 0-2 today at 138-13+ with 10y UST yields up 1.1bp at 0.841% and 2y yields up 0.1bp at 0.164%.
  • Bund futures are down -0.01 today at 175.32 with 10y Bund yields down -0.1bp at -0.573% and Schatz yields down -0.5bp at -0.747%.
  • Gilt futures are up 0.01 today at 134.95 with 10y yields down -0.1bp at 0.321% and 2y yields up 0.1bp at -0.32%.

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