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Core Sovereigns Bid

BOND SUMMARY

Safe haven demand is underpinning the bid in government bonds this morning, with USTs and Gilts leading the charge.

  • Sovereign curves are bull flattening amid broad weakness in European equities, which follows on the heels of a poor session for Asian stocks in the wake of China's clampdown on education tech stocks.
  • Treasury cash yields are 1-4bp lower across the curve with the long-end outperforming. TYU1 trades at 134-14, near the top end of the day's range (L: 134-04+ / 134-19).
  • Gilts have similarly caught a bid with yields 2bp lower in the belly/long-end of the curve.
  • Bunds are slightly underperforming USTs and Gilts. Yields are broadly 1bp lower with the curve close to flat overall.
  • BTPs trade a touch weaker, albeit with price action relatively contained thus far.
  • The German IFO update for July was a touch weaker than expected with the Expectations component reading 101.2 vs 103.6 consensus.
  • European supply today comes from Germany (Bubills), France (BTFs) and Belgium (OLOs).
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