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Equities Weakening Ahead FOMC


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EUROPE SUMMARY: Stg Straddle Buying Continues



EGBs have broadly traded weaker this morning while gilts have rallied alongside cautious trading in equities.

  • Gilt yields are now 2-3bp lower on the day with the curve marginally flatter. The Mar 21 gilt future trades at 134.67, near the middle of the day's range (L: 134.53 / H: 134.82).
  • Bunds have traded weaker with yields ~1bp higher across the curve.
  • OATs have slightly underperformed bunds on the day.
  • BTPs have similarly sold off with cash yields pushing up 2-3bp.
  • The EU's chief Brexit negotiator Michel Barnier today warned that there was just hours left to reach a trade agreement with the UK.
  • Supply this morning came from the UK (bills, GBP5.0bn).
  • The December German IFO data came in slightly above expectations.
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