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Continuation lower after Friday's payrolls

BONDS
  • Treasuries continued their moves lower both on the week's open, through the Asian session and in early European trading while Bunds and EGBs also moved lower in early trading (both in continuation to the strong US payrolls print last week and the affirmation of France's AA status from S&P).
  • The selloff has stalled somewhat, however, with services PMI data through Europe generally marginally weaker than had been expected. EGB spreads have been mixed this morning.
  • Focus now switches to an appearance ahead of the ECON committee by ECB President Lagarde as well as the ISM services and US factory orders prints.
  • TY1 futures are down -0-11 today at 113-16 with 10y UST yields up 4.6bp at 3.741% and 2y yields up 4.0bp at 4.541%.
  • Bund futures are down -0.70 today at 134.94 with 10y Bund yields up 5.6bp at 2.367% and Schatz yields up 5.1bp at 2.846%.
  • Gilt futures are down -0.70 today at 963.37 with 10y yields up 6.1bp at 4.213% and 2y yields up 7.4bp at 4.422%.
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