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Tsys Off Asia Highs, JGBs & ACGBs Hold Onto Gains


Consolidation Mode


Pulls Away From Recent Highs


(Z1) Remains Vulnerable


Omicron Spreading Across U.S.


(Z1) Watching Resistance

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Core European FI curves have flattened on the back of the short end weakening and longer end making gains. Equities have broadly pushed higher, while FX performance has been mixed.

  • The gilt curve is now 1-2bp flatter on the day.
  • It is a similar story for the bund curve where the 2s30s spread is 2bp narrower.
  • OATs have outperformed at the longer end with benchmark 30- and 50-year yields down 2bp and the very long end of the curve 3bp flatter.
  • The BTP curve has shifted lower with cash yields broadly down 1-3bp.
  • The final estimate of German GDP was a touch weaker in Q/Q terms (1.7% vs 1.8% expected) while in line with the previous estimate in Y/Y terms.
  • Supply this morning came from Italy (BTP/BTPei, EURbn).
  • The ECB's Lagarde and Villeroy are due to speaker later toady as are the BoEs Bailey and Haskel.