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EGB/Gilt: Focus Shifts To BoE Following Yesterday's Fed Taper Signal

BOND SUMMARY

European sovereign bonds have traded weaker today with equities pushing higher in the aftermath of yesterday's FOMC meeting. Focus now turns to the BoE at midday.

  • Gilts have traded weaker heading into the BoE meeting with the short-end/belly of the curve marginally underperforming on the day.
  • Bunds have similarly sold off with cash yields 1-2bp higher across the curve.
  • OATs trade in line with bunds. Yields have similarly pushed up 1-2bp.
  • BTPs are a touch weaker, with the curve trading close to flat overall.
  • Preliminary European PMI data for September disappointed markets. The German prints, in particular, missed by a considerable margin with the services PMI reading 56.0 (vs 60.3 expected) while the manufacturing PMI came in at 58.5 (vs 61.4 consensus).
  • The Norges Bank raised its main policy rate by 25bp to 0.25%, effectively ending the pandemic emergency policy stance.
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