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EGB/Gilt: Mixed PMIs Still Point To Strong Growth

BOND SUMMARY

EGB curves have steepened this morning while equities continue to make up for lost ground earlier in the week.

  • Gilts have sold off with yields 2-3bp higher and the short-end of the curve underperforming.
  • The bund curve has bear steepened with the 2s30s spread widening by 2bp.
  • It is a similar story for the OAT curve where cash yields 1-2bp higher.
  • BTP's trade mixed, albeit with the curve also steepening a touch.
  • This morning's European preliminary PMI data for July were mixed, while still pointing to a sustained expansion in economic activity. The German prints surprised higher, France was a touch weaker than expected and the UK data posted a significant miss.
  • Supply this morning came from the UK (UKTBs, GBP3.0bn).
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