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Bunds underperform in risk-off markets

BONDS
  • Early strength in core fixed income has been partially reversed for Treasuries and gilts and fully reversed for Bunds.
  • There has been a general risk-off feel to markets this morning following more protests in China but some hawkish comments from ECB's Knot have helped the Euribor strip underperform (and this has translated up the German curve to see Bunds underperform in core FI space too).
  • There is little on the calendar today with more focus on the big data ahead this week, headlined by Eurozone inflation prints, the US ISM and payrolls.
  • TY1 futures are up 0-7+ today at 113-08+ with 10y UST yields down -1.6bp at 3.666% and 2y yields down -1.1bp at 4.445%.
  • Bund futures are up 0.04 today at 140.53 with 10y Bund yields down -0.2bp at 1.969% and Schatz yields down -0.5bp at 2.130%.
  • Gilt futures are up 0.36 today at 105.72 with 10y yields down -3.1bp at 3.086% and 2y yields up 1.0bp at 3.261%.
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