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GOLD

Softer USD Lends Support

US TSYS

10s Out Of The Recent Range

CHINA RATES

Injection Helps Keep Repo Rates Subdued

JGBS

Futures Unwind Overnight Losses

AUD

Firming

KOREA RATES

Higher But Within Ranges

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EGBs have pared some of their losses this afternoon, post the US PMI services miss.

  • But markets have been less volatile today, as we close out the week, and focus turns to the FOMC and Month End next week.
  • BTP have outperformed and trade tighter against the German 10yr, by 2bps
  • Gilts have followed suit, but still trade in negative territory.
  • Some desk noted likely short cover, squaring as we head into the weekend.
  • Looking ahead, after market rating from Moody's on Cyprus, and DBRS on ESFS, ESM
  • Sep Bund futures (RX) down 4 ticks at 175.9 (L: 175.56 / H: 175.95)
  • Germany: The 2-Yr yield is down 0.7bps at -0.727%, 5-Yr is up 0.2bps at -0.7%, 10-Yr is up 0.9bps at -0.417%, and 30-Yr is up 0.9bps at 0.062%.Sep
  • Gilt futures (G) down 7 ticks at 129.61 (L: 129.31 / H: 129.7)UK: The 2-Yr yield is up 0.8bps at 0.077%, 5-Yr is up 1.1bps at 0.277%, 10-Yr is up 1.4bps at 0.58%, and 30-Yr is up 0.1bps at 1.003%.
  • Sep BTP futures (IK) up 24 ticks at 154.07 (L: 153.73 / H: 154.13)
  • Sep OAT futures (OA) up 3 ticks at 161.78 (L: 161.47 / H: 161.79)
  • Italian BTP spread down 1.8bps at 104.5bps
  • Spanish bond spread down 2.6bps at 68.6bps
  • Portuguese PGB spread down 1.6bps at 61bps
  • Greek bond spread down 1.7bps at 108.3bps