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EGB/Gilt: Inching Lower Ahead of NFP

BOND SUMMARY

European government bonds have traded weaker this morning with gilts underperforming and equities and FX mixed.

  • Final European services PMI data were broadly in line with original estimates. Focus today will be on US NFP.
  • Supply this morning came from the UK (Bills, GBP3bn).
  • Gilts initially opened a firm footing but soon started to sell off, with the longer end of the curve underperforming. Cash yields are 1-2bp higher with the curve 1bp steeper.
  • Bunds have similarly sold off following a strong start, with yields now hovering around yesterday's close.
  • OATs are now unchanged on the day.
  • BTPs have undperformed core EGBs with yields broadly 1-3bp higher on the day.
  • The ECB will take centre stage next week. Indications from GC members on the possibility of a PEPP adjustment have been mixed, with the genuinely positive economic outlook competing with concerns over the Delta variant.
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