Trial now
US 10YR FUTURE TECHS

(U1)‌‌ Consolidation Mode

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

European sovereign bonds have broadly firmed this morning while equities trade mixed.

  • The gilt curve has bull flattened with the 2s30s spread 2bp narrower.
  • German bond yields are 1-2bp lower on the day with the curve similarly a touch flatter.
  • It is a similar story for OATs, which trade in line with bunds.
  • BTPs also trade in line with core EGBs. Cash yields are 1-2bp lower this morning.
  • UK CPI pushed up to 2.1% Y/Y for May, eating the 1.8% consensus. Core CPI pushed up to 2.0% Y/Y and against exceeded expectations (1.5%).
  • Supply this morning came from the UK (Gilts, GBP2.5bn), Germany (Bunds, EUR4.085bn allotted), Portugal (BTs, EUR1.25bn). Italy also conducted a tap issuance for specialists (EUR504mn of the 3.00% Aug-29 BTP and EUR971mn of the 5.25% Nov-29 BTP).