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EGB/Gilt

BOND SUMMARY

It has been a more characteristic risk-on session this morning with core European sovereign bond markets trading weaker, periphery EGBs firming, equities inching higher and the dollar on the backfoot against G10 FX.

  • Gilts have sold off with cash yields 1-2bp higher on the day and the belly marginally underperforming.
  • Bunds opened weaker and have traded sideways for much of the morning. The 2s30s spread is 2bp wider.
  • OATs have traded in line with bunds. Last yields : 2-year -0.6273%, 5-year -0.5298%, 10-year -0.076%, 30-year 0.7197%.
  • BTPs have rallied with the curve marginally bull steepening.
  • Preliminary February PMI data for the UK came in stronger than expected (Services 49.7 vs 42.0 survey, Manufacturing 54.9 vs 53.1) and mitigated disappointing retail sales for January (Ex Auto -3.8% Y/Y vs 2.7% survey). Cable hit an intraday high of 1.40 for the first time since 2018.
  • Eurozone PMIs were mixed. Manufacturing continues to expand, while services remain in contraction territory, and Germany continues to outperform France.
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