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Core fixed income moving lower this morning, with SONIA seeing biggest moves

BONDS
  • Cored fixed income has moved lower this morning, with SONIA and Euribor futures also moving lower.
  • SONIA futures and the short-end of the gilt curve have seen the biggest moves this morning, with SONIA futures up to 8.5 ticks lower - potentially on concerns over second round effects from higher public sector wage settlements (with weekend reports suggesting that the government will make improved offers to rail unions this week which could set a framework for wider public sector wage growth).
  • We have heard some relatively hawkish comments from ECB's Rehn, but nothing particularly out of the ordinary for him. Even so, Euribor futures are up to 4.5 ticks lower today but the bigger moves in the German curve have been seen further out the curve with 2s10s steepening this morning.
  • US cash is closed today for the MLK holiday with futures following Bund / gilt futures lower.
  • Looking ahead, it's a busy week for UK data and we have central bank decisions from Japan, Canada and Norway.
  • TY1 futures are down -0-6 today at 114-18+.
  • Bund futures are down -0.61 today at 137.70 with 10y Bund yields up 3.6bp at 2.201% and Schatz yields up 1.4bp at 2.591%.
  • Gilt futures are down -0.63 today at 103.58 with 10y yields up 4.7bp at 3.411% and 2y yields up 5.3bp at 3.508%.
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