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EGB/Gilt - Off the lows post US Data

BONDS
  • ECB Holzmann set the tone for the EGB price action this afternoon, after he said that the ECB should reduce crisis stimulus, and focus on Inflation.
  • Some reflation trade went trough, with Bond and Equities moving lower.
  • Bund traded through support, and still eyeing that initial yield target, equating to 175.40 in Future, printed a 175.58 low.
  • Contract have since moved off the lows after the MNI Chicago PMI and US consumer confidence missing expectation.
  • Peripheral are wider against the German 10yr, Greece sit at 2.9bps on the day.
  • Gilts have fared better this afternoon, holding onto gains, and close to flat at the time of typing.
  • Gilt/Bund spread has tightened by 3.3bps. - Gilt futures are up 0.02 today at 129.71 with 10y yields up 0.4bp at 0.676% and 2y yields up 0.6bp at 0.197%.
  • Bund futures are down -0.53 today at 175.75 with 10y Bund yields up 3.8bp at -0.403% and Schatz yields up 1.6bp at -0.728%
  • BTP futures are down -0.72 today at 153.72 with 10y yields up 6.3bp at 0.672% and 2y yields up 2.1bp at -0.489%.
  • OAT futures are down -0.47 today at 161.46 with 10y yields up 3.7bp at -0.50% and 2y yields up 1.5bp at -0.706%.
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