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Core Bonds Slip, With Markets on Inflation Watch

EGBS
  • Core bond futures trade under pressure across the Eurozone, UK and US, with inflationary concerns compounded by the convincingly higher than expected Chinese PPI (and, to a lesser extent, CPI) data. Y/Y Factory gate prices in China rose to 13.5%, the highest level since the mid-1990s.
  • Peripheral spreads trade wider, with the likes of Italy, Portugal and Spain underperforming to lead yields 2-3bps wider so far Wednesday.
  • The Gilt curve trades similarly higher, taking the lead from core bond space, with 10y yields climbing 4bps to 0.860%.
  • Auctions this morning include bond auctions from Germany and Portugal, while the UK DMO sold an index-linked line.
  • Focus turns to US CPI data, with price pressures expected to notch higher to push the Y/Y rate to 5.9%, the highest level since the early 1990's.
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