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EGB/Gilt: Bear Steepening

BOND SUMMARY

European sovereign bonds have traded weaker this morning while equities are broadly higher across the region. Yesterday's ECB meeting played out largely as expected, confirmation that the ECB is not about to begin tapering anytime soon has provided a modicum of support.

  • Gilts opened strongly but soon gave up early gains, to now trade a touch below yesterday's close.
  • The bund curve has bear steepened with the 2s30s spread 1bp wider.
  • OATs have similarly sold off with cash yields 1-2bp higher on the day.
  • BTPs have slightly underperformed core EGBs with yields up 1-3bp.
  • Monthly GDP data show UK economic growth slowing to 0.1% MM in July, vs 0.5% expected. Elsewhere, euro area industrial production data for July was mixed: much better than expected in Italy (7.0% Y/Y vs 5.2% survey), weaker than expected in Spain and close to consensus for France.
  • European supply came from the UK (UKTBs, GBP3.5bn).
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