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Divergence in core FI

BONDS

There has been some more divergence in core fixed income this morning. Bunds have been largely flat, Treasuries have been grinding higher (but off of yesterday's highs) and gilts have moved a little lower.

  • The main event of the morning has been the release of UK GDP and its subcomponents. Q2 GDP was in line with market consensus of 4.8%Q/Q and a little below the BoE's 5.0% forecast. But June data was better than expected with May data revised lower.
  • Peripheral spreads have continued to reverse some of yesterday's widening, with BTP-Bund 10-year spreads 1.8bp wider on the day.
  • Looking ahead the highlight of the data calendar will be US PPI (following yesterday's CPI print) while the 30-year UST auction will also be watched.
  • TY1 futures are up 0-2+ today at 133-21 with 10y UST yields down -1.0bp at 1.343% and 2y yields unch at 0.220%.
  • Bund futures are down -0.02 today at 176.55 with 10y Bund yields up 0.7bp at -0.458% and Schatz yields down -0.1bp at -0.754%.
  • Gilt futures are down -0.06 today at 129.57 with 10y yields up 1.9bp at 0.590% and 2y yields up 2.5bp at 0.143%.
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