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EGB/Gilt: Risk-Off Theme Continues To Support EGBs

BOND SUMMARY

Stocks have continued to edge lower this morning alongside further broad gains for European sovereign bonds.

  • A new data privacy law in China underpinned the sell-off in Asian stocks and further compounded wider concerns over global growth and rising Covid infections, which has driven demand for EGBs.
  • Gilts have marginally outperformed EGBs, particularly at the shorter end of the curve, which has bull steepened.
  • UK retail sale came in weaker than expected in July (ex Auto 1.8% Y/Y vs 5.8% survey).
  • Bunds have firmed with cash yields broadly 1bp lower on the day.
  • OATs trade in line with bunds. Yields have inched down 1bp with the curve close to flat overall.
  • BTPs initially had a strong start before selling off back towards closing levels.
  • Supply this morning came from the UK (UKTBs, GBP3bn),
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