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EGB/Gilt: Further Losses Cap Volatile Week

BOND SUMMARY

European sovereign bonds have traded weaker this morning alongside fresh losses for equities and broad USD gains.

  • Gilts have underperformed EGBs with yields 4-5bp higher on the day and the curve a touch steeper.
  • Bund yields are 2-4bp higher with the curve similarly bear steepening.
  • The OAT curve has steepened with the 2s30s spread widneing 3bp.
  • BTP yields are now up 4-7bp with the belly of the curve underperforming.
  • Preliminary data show German GDP contracting further than expected during the fourth quarter (-0.7% Q/Q vs -0.3% expected and 1.4% Y/Y vs 1.8% expected). French GDP, however, surprised higher (0.7% Q/Q vs 0.5% and 5.4% Y/Y vs 4.9%).
  • Supply this morning came from the UK (UKTBs, GBP2bn) and Italy (BTP/CCTeu, EUR8bn).
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