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Core Bonds on the Backfoot

BOND SUMMARY
  • Core bonds are on the backfoot this morning with no real headline catalysts to explain the moves.
  • There have been decent volumes backing up the moves and our technical analyst notes that the bearish theme remains intact.
  • Manufacturing PMI data this morning saw Spanish data disappoint and Italian data positively surprise, but with wide confidence intervals both showed consolidation rather than very fast growth. HICP data for the Eurozone region was weaker than expected but this was largely catching up with the weak national data released yesterday.
  • The highlight later today will be the US ISM manufacturing data.
  • TY1 futures are down -0-5+ today at 139-02+ with 10y UST yields up 2.1bp at 0.727% and 2y yields unch at 0.132%.
  • Bund futures are down -0.31 today at 175.25 with 10y Bund yields up 1.5bp at -0.383% and Schatz yields down -0.2bp at -0.660%.
  • Gilt futures are down -0.38 today at 134.63 with 10y yields up 3.3bp at 0.343% and 2y yields up 1.6bp at -0.62%.
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