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Bunds lead the way higher, partially retracing yesterday's moves

BONDS
  • After reaching new cycle lows, Bunds have headed higher over the past couple of hours with yields now down 3.4bp on the day. There was no real headline driver to trigger the reversal but we still remain some way below levels seen 24 hours ago. We have seen a similar move in the Euribor strip while peripheral spreads are all generally a bit tighter on the day.
  • Treasuries and gilts have been dragged higher, but to a much smaller extent. Gilts have showed no real reaction to the confidence vote that saw PM Boris Johnson survive but with a smaller majority than Theresa May (who was out of office within 6 months of winning a confidence vote).
  • Today's calendar is relatively light with the highlight of the morning having been an upward revision to the UK service PMI (with the employment component in particular looking better).
  • TY1 futures are up 0-7+ today at 118-05 with 10y UST yields down -3.2bp at 3.010% and 2y yields down -1.5bp at 2.714%.
  • Bund futures are up 0.57 today at 149.75 with 10y Bund yields down -3.4bp at 1.285% and Schatz yields down -2.3bp at 0.650%.
  • Gilt futures are up 0.18 today at 114.88 with 10y yields down -1.8bp at 2.228% and 2y yields down -0.9bp at 1.758%.
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