MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI: US NOV IMPORT PRICES +0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGB/Gilt: Relief Rally for European Sovereign FI

BOND SUMMARY

European government bonds have rallied this morning alongside gains for equities and G10 FX versus the dollar. Given the lack of significant catalysts following last week's hawkish BoE and ECB meetings, this morning's moves may be more reflective of a relief rally than an immediate change of trend.

  • Gilts opened stronger and have held on to the majority of the early gains. Cash yields are 3-4bp lower on the day with the curve bull flattening.
  • Bunds have traded in a similar fashion with yields now 2-4bp lower.
  • OAT yields are down 3-5bp with marginal outperformance in the belly of the curve.
  • The BTP curve has bull steepened with the 2s30s spread widening 2bp.
  • The German trade surplus was smaller than expected in December (eUr7.0bn vs EUR11.0bn survey) on the back of particularly robust growth in imports.
  • Supply this morning came from Germany (Bund, EUR1.266bn allotted) and Portugal (OTs, EUR1.25bn). in addition, Spain is placing a 30-year bond via syndication with an order book in excess of EUR54bn so far.
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

To read the full story

Close

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.