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EGB/Gilt: EZ FI Firms As Gilts Catch Down To Monday Move Lower In EGBs

BONDS

Euro area government bonds have rallied this morning while gilts have sold off sharply. Equities are broadly higher while the dollar is on the back foot against most G10 FX.

  • Coming off the UK public holiday yesterday, gilts have caught down with the move lower in EGBs on Monday. Gilt yields are now up 10-12bp.
  • ECB Chief Economist Philip Lane has stated that interest rates need to keep rising 'step by step'.
  • Regional German CPI data released this morning show an acceleration on the previous month of 0.1-0.4pp in Y/Y terms. The preliminary headline print will be published at 1300 London time.
  • Bunds have firmed with yields down 3-5bp on the day and with the belly of the curve marginally outperforming.
  • The OAT curve has bull steepened with cash yields down 1-6bp and the 2s30s spread widening 4bp.
  • BTP yields are down 2-7bp.
  • Spanish inflation printed in line with expectations at 10.3% Y/Y in August, down from 10.7% the previous month.
  • Supply this morning came from Italy (BTPs/CCTeu, EUR8bn).
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