MNI China Daily Summary: Tuesday, July 9

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EGB/GILT

BOND SUMMARY

European govies have broadly rallied this morning alongside weaker trading in equities and broad G10 FX strength vs the USD.

  • The gilt curve has flattened with the 2s30s spread 2bp narrower. The Dec-20 gilt future trades at 136.46, near the top of the day's range (L: 136.28 / H: 136.55).
  • Bunds have similarly firmed, although gains have been minimal so far. Last yields: 2-year -0.7146%, 5-year -0.7280%, 10-year -0.5403%, 30-year -0.1112%.
  • OATs yields are 1-2bp lower on the day.
  • BTPs have rallied with the belly outperforming.
  • Supply this morning came from the UK (Gilts, GBP2.75bn), Italy (EUR8.25bn, BTP/CCTeu) and Finland (nominal bond, EUR1bn).
  • Regional German CPI data showed a furthr deterioration in annualised inflation in September. Elsewhere, UK mortgage approvals for August jumped to 84.7k, beating the 71.3k consensus.
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