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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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EGB/GILT

BOND SUMMARY

Having rallied soon after the open core European govies have reversed back towards yesterday's closing levels while periphery EGBs have managed to hold on to early gains.

  • Gilts are now close to unch on the day. Last yields: 2-year 1.7596%, 5-year -0.0839%, 10-year 0.2011%, 30-year 0.7546%. The Dec-20 gilt future trades at 136.32, 4 ticks off yesterday's close.
  • It is a similar story for bunds and OATs.
  • BTPs have rallied with cash yields 1-3bp lower and the curve bull flattening.
  • Preliminary September PMI data in Europe presented a mixed picture. Manufacturing appears to have stabilised while services in the Eurozone has started to contract. The UK Services PMI, meanwhile, remains firmly in expansion territory (55.1 vs 55.9 survey).
  • Supply this morning came from Germany (bunds, EUR2.975bn).
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