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EGB/Gilt - Gilt/Bund spread widest since 1996

BONDS
  • Another really busy session across multi assets, after the UK set the tone for the UK markets this morning, with some continuation this afternoon.
  • EGBs and Bund did bounce, as some Desks squared ahead of the weekend.
  • The push higher was short lived, after US PMIs came above expectations.
  • Peripheral spreads are all wider, Italy in the lead by 7.9bps.
  • Biggest move is in the UK, with UK 10yr yield moves above the US 10yr today, first time since 2014
  • Gilt/Bund spreads targets the 1996 high at 179.90, also the widest print since 05/10/1992, now at 176.3bps.
  • Looking ahead, notable data for next week, include Japan Prelim PMI, German IFO (mon).
  • Sweden PPI, US prelim Durable goods (tue).
  • US Wholesale Inventories (wed).
  • Spain/German CPI, US 3rd reading GDP/Core PCE (thu).
  • Japan Employment/IP/Retail sales, China Manufacturing PMI, UK final GDP, French/EU/Italy prelim CPI, Polish CPI, US PCE core, MNI Chic PMI, final Michigan (fri).
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