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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.
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EGB/GILT - Pause For Thought
The risk-on rebound following the Moderna Covid vaccine announcement yesterday has subsided somewhat this morning with equities inching lower and European govies trading firmer.
- Gilts have made incremental gains with yields up to 2bp lower on the day and the curve marginally bull flattening.
- Bunds trade close to unch on the day. Last yields: 2-year -0.7305%, 5-year -0.7398%, 10-year -0.5500%, 30-year -0.1450%.
- OATs have firmed with cash yields within 1bp of yesterday's close.
- BTPs trade broadly in line with core EGBs.
- Supply this morning came from the UK (Gilts, GBP5.25bn), Germany (Schatz, E4.125bn allotted), Spain (Letras, E1.02bn) and the ESM (Bills, E2bn).
- The European data calendar was light this morning. Norwegian Q3 GDP printed in line with expectations at 5.2% Q/Q.
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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.