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EGB/GILT

BONDS

European govies have broadly rallied this morning. Equities trade mix, oil has rallied and the US dollar is on the back foot against the G10.

  • Gilts have lacked clear direction so far, but continue to trade above yesterday's close. The Dec-20 gilt future trades at 136.23, in the middle of the day's range (L: 136.10 / H: 136.36).
  • The bund curve has slightly bull flattened with the 2s30s spread 1bp narrower.
  • OATs have slightly outperformed bunds with cash yields 1-2bp lower on the day.
  • BTPs have similarly strengthened and the curve has flattened. Last yields: 2-year -0.1671%, 5-year 0.3549%, 10-year 0.9731%, 30-year
  • Supply this morning came from the UK (Gilts, GBP2.50bn), Germany (Bunds, EUR1.33bn) and Portugal (BTs, EUR1.75bn).
  • Data published earlier this morning showed a better than expected outturn for UK CPI in August (0.2% Y/Y vs 0.0% survey). The Bank of England monetary policy committee will meet tomorrow. MNI has published its Bank of England preview this morning, which is available online and by email.
  • Focus today is on the FOMC. Again, please refer to the MNI Fed preview online and by email.
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