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Core Markets Respect Recent Ranges as US Return

EGBS
  • Core EGBs trade largely inside the Thursday range, with market focus on the gyrations earlier in the week that saw peripheral spreads blow out wider. Italian and Greek 10-year spreads are over 3bpwider on the day to Bunds while the Euribor strip has underperformed both the short sterling and Eurodollar strips as inflation concerns are hitting European markets more today (after having seen larger moves in short sterling and Eurodollar futures earlier this week, these moves can largely be seen as a catch up).
  • The Gilt curve trades modestly steeper in a minor reversal of the week's price action so far, helping lift GBP off the lowest levels of the session. Some market focus on the Gilt roll, after the spread traded 88k outright yesterday. First notice is on Nov 29th, 29/11.
  • UMich Confidence data is the highlight for the Friday session, with markets on watch for any acceleration in consumer concerns surrounding inflation expectations - a particular focus given the multi-decade high print in CPI on Wednesday.

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