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EGB/Gilt: Continuing To Slide

BOND SUMMARY

European government bonds have continued to trade lower having posted losses at the beginning of the week, while equities are similarly down again.

  • Most notably, the euro has pushed below parity against the dollar, marking the weakest level for the single currency in 20 yeras.
  • Gilts have sold off with the curve bear flattening. Cash yields are up 5-10bp.
  • Bunds opened higher but quickly gave back the gains with yields now 1bp higher across much of the curve.
  • OATs similarly had a strong start before trading lower through the morning.
  • The BTP curve has marginally steepened with the 2s30s spread widening 1bp.
  • Preliminary eurozone PMI data for August continued to indicate contractionary or near contractionary conditions across most of the bloc.
  • Supply this morning came from the UK (Linker, GBP750mn), Austria (ATBs, EUR1.923bn)
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