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European govies are recovering from yesterday's sell-off, which came on the heels of US Fed Chair Powell announcing a shift to average inflation targeting. The news earlier today that PM Shinzo Abe will step down as prime minister has had no lasting impact in global markets.

  • French preliminary CPI data for August was marginally better than expected in M/M terms (-0.1% M/M vs -0.3% survey) but unchanged on the year.
  • Supply this morning came from the UK (Bills, GBP2.25bn) and Italy (BTPs, EUR8.25bn).
  • The gilt curve has bull steepened with the 2s10s spread 2bp wider on the day.
  • Having started on a weaker footing, bunds have reclaimed early losses with yields now close to unch on the day.
  • The OAT curve has steepened slightly on the back of the short end firming and longer end yields inching higher. The 2s30s spread has traded up 2bp.
  • BTPs have traded weaker with cash yields 1-2bp higher across the curve.
MNI London Bureau | +44 0203-865-3808 |
MNI London Bureau | +44 0203-865-3808 |

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