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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.
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Free AccessEGB/Gilt: EZ Inflation Hits Fresh Record
European government bonds trade mixed this morning with a similarly uneven performance in the equity and FX space. Another bumper inflation print for the euro area is challenging the ECB's current policy setting at a time when the economic recovery is still not fully secured.
- Following a weak start, gilts have inched higher and now trade above yesterday's close. Cash yields are 1-2bp lower on the day with the curve slightly bull steepening.
- Bunds similarly initially traded weaker before recovering losses to now trade close to flat on the day.
- The OAT curve has marginally flattened with the 2s30s spread narrowing 1bp.
- The BTP curve has steepened with the 2s30s spread trading up 3bp on the back of the short end pushing higher and the longer end trading soft.
- Eurozone CPI surprised higher in December, coming in at 5.0% Y/Y vs 4.8% expected and marking another fresh record high.
- Elsewhere, German and French industrial production data for November came in weaker than expected (-2.4% Y/Y vs -0.8% expected and -0.5% Y/Y vs 0.6%, respectively) while Eurozone retail sales printed higher (7.8% Y/Y vs 5.6% consensus).
- 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.