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EGB/Gilt

BOND SUMMARY

European govies have traded slightly firmer this morning as lockdown restrictions intensify across the region. Equities have found a footing following yesterday's sell-off, while oil continues to inch lower. Focus is on today's ECB meeting.

  • Gilts started the session on the backfoot, but have made incremental gains. Last yields 2-year -0.072%, 5-year -0.0793%, 10-year 0.2087%, 30-year 0.7466%.
  • Bunds have similarly firmed with cash yields 1bp lower.
  • OATs trade broadly in line with bunds with the curve close to flat on the day.
  • BTPs have marginally outperformed with yields 1-2bp lower.
  • Supply this morning came from Italy (BTP/CCTeu, EUR6.5bn).
  • German regional CPI data for October suggest that prices could be starting to stabilize at a national level, while Spanish CPI data came in below expectations (-1.0% Y/Y vs -0.7% survey).
  • UK mortgage approvals spiked in September (91.5k vs 76.1k survey).
  • Belgian GDP expanded 10.7% Q/Q in the third quarter following a 12.1% contraction in Q2.
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