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US Philly Fed Mixed Price Signals


(H2) Recovery From The 50-Day EMA Extends


Heavy Midweek Issuance Over $31B

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ECB Steals the Show


The morning rally in gilts subsided just after midday with the subsequent selloff pushing yields back to yesterday's close alongside sideways trading in equities.

  • Last yields: 2-year -0.068%, 5-year -0.0752%, 10-year 0.2136%, 40-year 0.7556%.
  • The Dec-20 gilt future trades at 136.19, in the middle of the day's range (L: 135.98 / H: 136.37) and in line with yesterday's close.
  • Short sterling futures are broadly 0.5-1.0 ticks higher on the day.
  • Mortgage approvals printed far higher than expected for September (91.5k vs 76.1k) and likely reflects the boost in demand from the stamp duty holiday.
  • The ECB struck a dovish tone at today's presser and appeared to set up additional stimulus in December, upping the ante on the BoE which continues to hint at the possibility of a shift to negative rates.
MNI London Bureau | +44 0203-865-3808 |
MNI London Bureau | +44 0203-865-3808 |
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