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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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Free AccessEGB/Gilt: Risk-On Driving Govies Lower
European sovereign curves and have bear steepened and equities are broadly higher in a characteristically risk-on move.
- Preliminary PMI data point to a sustained expansion in economic activity in August. Even in the UK, where the services PMI missed by a significant margin (55.5 vs 59.1 survey), the data nonetheless indicates that the economic recovery is still underway.
- Gilts have traded weaker from the open cash yields 2-3bp higher on the day and the curve 1bp steeper.
- Bunds have marginally underperformed gilts with yields at the very long end up 4bp.
- It is a similar story for OATs where the 2s30s spread has widened by 3bp.
- BTPs have underperformed core EGBs with yields pushing up 2-5bp across the curve.
- Supply this morning came from Germany (Bubills, EUR3.045bn allotted). Later today France will offer EUR3.9-5.5bn of BTFs.
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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.