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EGB/GILT

BOND SUMMARY

European sovereign bonds have traded firmer alongside mixed trading in equities.

  • Gilts have strengthened with cash yields within 1bp of yesterday's close.
  • Bunds are similarly firmer with the curve close to flat.
  • OATs have marginally outperformed with cash yields 1-2bp lower.
  • Preliminary Q3 GDP data for the eurozone was marginally weaker than expected (12.6% Q/Q vs 12.7% consensus). The final October CPI prints for France and Spain were marginally better than the initial estimates.
  • ECB policymaker comments hit the wires this morning with Isabel Schnabel indicating that the intensify of asset purchases will be discussed, while Pablo Hernandez de Cos warned that the risks to the eurozone are tilted to the downside.
  • Following an outbreak of bitter infighting in Downing St, which triggered the resignation of the Director Communications, there is speculation in the media that PM Boris Johnson's close advisor Dominic Cummings could be planning to leave by year-end.
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