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EGB/Gilt: Bonds Continue To Slide

BOND SUMMARY

European government bonds and equities have sold off while the US dollar has posted broad gains against G10 FX.

  • Gilts have sold off with the curve bear flattening. Cash yields are up 4-15bp with 2s10s spread narrowing 10bp.
  • Bunds have traced out a similar path with the 2s30s spread narrowing 9bp.
  • OATs have underperformed bunds with yields up 6-16bp.
  • BTPs have sharply underperformed core EGBs with yields up 24-30bp in the short-end and belly of the curve.
  • In a bid to make ground in the Conservative leadership race as momentum has built around Rishi Sunak and Penny Mordaunt, Foreign Secretary Liz Truss has stated that 'business as usual' has failed to deliver economic growth with reference to Boris Johnson's economic policies.
  • Supply this morning came from Ireland (IRTB, EUR1.0bn).
  • Focus this afternoon shifts to US PPI and initial jobless claims data.
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