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EGB/Gilt: Bear Steepening

BOND SUMMARY

Core European government bonds have traded weaker this morning and curves have slightly bear steepened alongside soft trading in equities.

  • The long end of the gilt curve has significantly underperformed with yields 4-5bp higher in the 30-50-year section.
  • Bund yields are now 1-2bp higher on the day.
  • OATs trade in line with bunds.
  • BTPs have lacked direction so far and trade close to flat on the day.
  • UK GBP showed more sharply than expected in October with the 3m/3m reading coming in at 0.9% vs 1.0% expected and 1.3% for the previous period.
  • The furore over the alleged Downing St party continues to rumble on with UK PM Boris Johnson expected to face a large rebellion next week among Tory backbenchers over the latest Covid restrictions.
  • Supply this morning came from the UK (UKTBs, GBP2bn) and Italy (BOTs, EUR6bn).
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