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ECB tapering concerns recede a little

BOND SUMMARY
  • Core fixed income is on the front foot this morning as some concerns surrounding potential ECB tapering recede following some pretty disappointing details in the German PMI release.
  • The market has largely ignored better than expected data this morning with UK retail sales rising to around 10% above the pre-pandemic level and with the monthly growth rate almost double consensus expectations. Eurozone services PMI and UK manufacturing PMI prints were also better than expected.
  • The Bank of England has set out some of the options for greening its corporate bond portfolio in line with its recently revised mandate to help the UK achieve "strong, sustainable and balance growth that is also environmentally sustainable and consistent with the transition to a net zero economy."
  • Looking ahead, ECB President Lagarde will attend a press conference following the Eurogroup meeting while the Fed's Kaplan, Bostic, Barkin and Daly are all due to speak today. In terms of data releases, the US PMI and existing home sales will be the highlights.
  • TY1 futures are up 0-0+ today at 132-16 with 10y UST yields down -0.1bp at 1.626% and 2y yields up 0.4bp at 0.150%.
  • Bund futures are up 0.16 today at 169.00 with 10y Bund yields down -1.0bp at -0.120% and Schatz yields down -0.1bp at -0.655%.
  • Gilt futures are unch today at 127.73 with 10y yields up 0.3bp at 0.841% and 2y yields up 1.1bp at 0.055%.
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