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Free AccessEGB/Gilt Divergence
EGBs have traded weaker this morning while gilts has firmed alongside broad gains for equities and FX vs the dollar.
- Preliminary European PMI data for October were mixed relative to expectations, though continuing to point towards sustained expansion in economic activity. There was a notable surprise for the UK series with the services print coming in at 58.0 vs 54.5 expected.
- UK retail sales for September disappointed with the ex Auto Fuel series down 0.6% M/M vs expected growth of 0.3% and marking the fifth straight month of contraction.
- The gilt curve has bull steepened with the 2s30s spread 2bp wider.
- Bunds have traded lower with cash yields broadly 1-2bp higher on the day and the belly of the curve underperforming.
- It is a similar story for OATs where yields in the belly of the curve have pushed up 2bp.
- BTPs yields are also 1-2bp higher across the curve.
- Supply this morning came from the UK (UKTBs, GBP2bn).
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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.