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EGB/Gilt - A busy afternoon session

BONDS
  • A busy afternoon session with EGBs and Bund pushing lower following the German CPI beat.
  • Peripheral are underperforming, with the Italian BTP plummeting, pushing the 10yr Yield above 2.70%.
  • Next upside target will be seen at 2.75%, which would equate to 130.66 in Futures.
  • Greece still lead and sits 5.4bps wider on the session.
  • Gilt is also in the red, taking its cue from the European price action, but lags behind in terms of the downside pace.
  • Gilt/Bund has tightened by 3.5bps, testing the support area at 98.00bps, now just below at 97.2bps.
  • Looking ahead, all the attention turns to tomorrow and a slew of data out of Europe. With with French CPI/PPI/GDP, Italian CPI/PPI/GDP, German GDP, and EU CPI/GDP. On the other side of the pond, tomorrow includes US PCE.
  • Gilt futures are down -0.58 today at 118.84 with 10y yields up 6.4bp at 1.874% and 2y yields up 4.9bp at 1.531%.
  • Bund futures are down -1.30 today at 154.16 with 10y Bund yields up 10.5bp at 0.904% and Schatz yields up 9.0bp at 0.183%.
  • BTP futures are down -1.42 today at 131.12 with 10y yields up 14.1bp at 2.712% and 2y yields up 10.0bp at 0.629%.
  • OAT futures are down -1.10 today at 146.62 with 10y yields up 9.9bp at 1.401% and 2y yields up 7.2bp at 0.195%.
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