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MNI EM China Daily Summary: Tuesday, April 9

MNI EM China Daily Summary: Tuesday, April 9

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EGB/Gilt- Govies and Rate rallies drive cross assets

BONDS
  • EGBs and Bund have rallied this afternoon, but no clear trigger for the spike higher.
  • Initial move was led by the US Treasuries with short bailing out after TYZ2 broke 110.00, and the move looks more Rate related.
  • Potentially European desk are squaring, short covering going into the later part of the session, ahead of the US Election.
  • The move is purely rate related with Euribor and US Eurodollar moving higher.
  • Schatz 8.8k block trade buyer has also been supportive.
  • Peripheral spreads are all tighter and Italy (3.5bps), and Greece (3bps lead).
  • Gilt outperforms Bund this afternoon, up 62 ticks at the time of typing. The Gilt/Bund spread is just 0.5bp tighter though.
  • Looking ahead, US Election overnight, but before that, ECB Wunsch and BoE Pill are still scheduled to speak, although Pill has already spoken today.
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