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EGB/Gilt: Further Signs of Inflationary Pressure

BOND SUMMARY

Trading in European government bond has been relatively mixed this morning while equities continue to head lower.

  • Following closely on the heels of yesterday's US inflation surprise (5.4% Y/Y in June vs 4.9% expected), the UK has similarly reported a consensus-beating inflation print of 2.5% Y/Y vs 2.2% for June.
  • Gilts have sold off sharply with yields 2-4bp higher on the day and the long end of the curve under performing.
  • Elsewhere, the final Spanish CPI print for June was revised up to 2.7% Y/Y from an initial print of 2.6%.
  • Having traded lower soon after the open, bunds have reclaimed lost ground and now trade inline with yesterday's close.
  • OATs similarly clawed back early losses to now trade marginally above closing levels.
  • Supply this morning came from Germany (Bund, EUR3.392bn allotted) and Portugal (OTs, EUR914mn).
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