MNI China Daily Summary: Tuesday, July 9

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EGB/Gilt: Focus Shifts To US Data

BOND SUMMARY

Core European govies sold off this morning, while periphery EGBs subsequently recovered the early losses. Equities trade mixed, while the dollar is on the backfoot against G10 FX.

  • The gilt curve has bear steepened with the 2s30s spread 1bp wider.
  • German bond yields have inched higher with the curve similarly 1bp steeper.
  • It is a similar story for OATs where yields are broadly 1bp higher on the day.
  • Following the initial sell off, BTPs have recovered ground and now trade marginally above yesterday's close.
  • Supply this morning came from Italy (BOTs, EUR6bn).
  • UK Health Secretary Matt Hancock has warned that it is too early to determine whether the planned removal of Covid-related restrictions on June 21 will go ahead or not.
  • Focus now shifts to US data with initial jobless claims for May and the second estimate of Q1 GDP.
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