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EGB/GILT

BOND SUMMARY

Following yesterday's vaccine-driven risk-on shift, price action has been more contained this morning. Equities and oil are inching higher alongside mixed trading in sovereign bonds.

  • Gilts are trading weaker the short end, while the very long end has firmed. Much of the curve trade close to unch on the day. Last yields: 2-year -0.0085%, 5-year 0.0255%, 10-year 0.3716%, 30-year 0.954%.
  • Bunds have similarly traded lower, but with cash yields within 1bp of yesterday's close.
  • BTPs have firmed, with the short-end slightly outperforming. The 2-year benchmark yield is down 2bp on the day.
  • Supply this morning came from Belgium (TCs, EUR2.62bn) and Finland (Bills, EUR1.986bn).
  • UK employment change data for September was worse than expected (-164k 3m/3m vs -150k survey), although the unemployment rate was flat at 4.8%. The French unemployment rate for the same period jumped to 9.0% from 7.1% the previous month. Elsewhere, French and Italian industrial production for September were worse than expected in Y/Y terms (-6.0% and -5.1%, respectively).
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