DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGB/Gilt: Broad Selling

BOND SUMMARY

European government bonds have traded weaker this morning alongside modest gains for equities and G10 FX against the dollar.

  • The preliminary estimate of Q1 GDP for the euro area matched the consensus estimate (0.2% Q/Q, 5.0% Y/Y). In addition, eurozone inflation in April came in at 7.5% Y/Y, inline with expectations, while the core reading printed higher (3.5% vs 3.2% expected).
  • Supply this morning came from the UK (UKTBs, GBP3.5bn) and Italy (BTPs/CCTeu, EUR8.0bn).
  • The bund curve has bear flattened with yields up 3-4bp across much of the curve and the 2s30s spread narrowing 4bp.
  • Having initially opened higher, OATs subsequently traded lower across the curve with yields up 2-4bp on the day.
  • BTPs have underperformed, particularly at the shorter end and belly. Yields are now 3-8bp higher.
  • Yields sold off following a strong start, with the short-end underperforming and the curve twist flattening.
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.