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Free AccessEGB/Gilt: Inflation Fears Drive Sovereign FI Lower
European government bonds have continued selling off with gilts leading the charge. Equities are also broadly lower while oil has edged higher.
- Absent any obvious price catalysts this morning, the sell-off in fixed income continues to reflect concerns about ever higher inflation and aggressive monetary policy tightening as central banks catch up with the unfolding reality.
- The UK has been in the spotlight recently given that headline inflation has now breached 10% and analysts have warned about the possibility of a further sharp acceleration at the turn of the year as the energy price cap is increased.
- Gilts have significantly underperformed EGBs, particularly at the short end. Yields are up 2-18bp on the day with the 2s10s spread narrowing 10bp and 2s30s 13bp.
- Bund yields are up 1-5bp across much of the curve which is 4-5bp flatter.
- OAT yields are now up 2-4bp on the day.
- BTPs have similarly sold off, but it is the longer end of the curve that has underperformed. Yields are up 3-5bp with the long end of the curve steepening slightly.
- Supply this morning came from Germany (Bund ,EUR3.32bn allotted), Greece (GTBs, EUR625mn).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.