Curves Mixed To Start The Week

Global bonds are weaker to start Monday, with a risk-off atmosphere not providing much support or indeed direction across curves (Germany bear steepening, UK bear flattening, US pretty steady).

• MNI's interview with ECB Chief Econ Lane out earlier had multiple highlights: sees GC considering reducing the pace of hikes at the Dec meeting; thinks enough has been done already to relieve collateral shortages.
• With US holidays looming at the end of the week, and the Dec/Mar roll just beyond that, much of the futures activity early has been spread-related.
• Quiet US data (Chicago Fed Nat'l Activity Index at 0830ET) and central bank (SF Fed's Daly at 1300ET) slate ahead, with European speakers still plentiful (ECB's Vasle, Holzmann, Simkus, Centeno, Nagel all on the agenda).

Latest levels:

• Dec US 10-Yr futures (TY) down 4.5/32 at 112-05 (L: 112-04 / H: 112-17.5)
• Dec Bund futures (RX) down 31 ticks at 139.87 (L: 139.55 / H: 140.53)
• Dec Gilt futures (G) down 24 ticks at 105.46 (L: 105.21 / H: 105.93)
• Dec BTP futures (IK) down 76 ticks at 118.48 (L: 118.42 / H: 119.49)
• Italy / German 10-Yr spread flat at 188.4bps