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Policy
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Real-time insight on key fixed income and fx markets.
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Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Free AccessEGB/Gilt: Equities Stabilise, Sovereign Bonds Still Bid
European equities have stabilized this morning following yesterday's heavy selling, while government bonds continue to make gains. Given that the potential impact of the Delta variant on economic activity remains unclear, today's respite for equities may prove fleeting.
- Gilts remain bid and the curve continues to bull flatten. Cash yields are now 3-4bp lower on the day.
- Bunds have marginally outperformed gilts at the longer end with the 30-year benchmark yield down 5bp on the day.
- OATs have firmed with the 2s30s spread narrowing 2bp.
- Having initially sat on the sidelines yesterday morning amid the rally in core EGBs, BTPs are now catching up. Yields are now broadly 1-3bp lower across the curve.
- Supply this morning came from the UK (Gilt, GBP1.25bn), Germany (Bund, EUR3.349bn allotted) and the ESM (Bills, EUR1.492bn).
- There were not tier one data releases this morning.
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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.