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Constructive Session For Core Europe, Gilts Outperform

BONDS

Global core bonds strengthened modestly Thursday, in a session largely devoid of market-moving headlines or trades due to the US Thanksgiving market closure.

  • Gilts outperformed Bunds, with both the UK and German curves flattening slightly. Periphery EGB spreads widened <1bp vs 10Y Bunds.
  • Unsurprisingly, Treasury futures traded on very light volumes and well within the prior session's ranges.
  • In Europe, the accounts of the November ECB meeting suggested among other things that official inflation forecasts would likely be revised up in December (no market reaction).
  • Friday's session likewise set to be quiet with another US holiday-shortened session, though a few European speakers (including Lagarde, Schnabel, and BoE's Pill) are on the agenda.

Levels:

  • Dec Bund futures (RX) up 47 ticks at 171.01 (L: 170.6 / H: 171.03)
  • Dec Gilt futures (G) up 49 ticks at 125.95 (L: 125.52 / H: 125.98)
  • Dec 10-Yr US futures (TY) up 1.5/32 at 129-28 (L: 129-24 / H: 129-28.5)
  • Dec BTP futures (IK) up 37 ticks at 150.47 (L: 150.17 / H: 150.73)
  • Italy / German 10-Yr spread 0.4bps wider at 130.6bps
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