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EGB/GILT - Strong Showing For European Data

BOND SUMMARY

It has been a mixed session so far for European government bonds, while equities have broadly pushed higher and G10 FX have posted gains against the USD.

  • Gilts have sold off with yields 1-2bp higher and the curve close to flat overall. UK retail sales data for April surprised sharply higher, while the preliminary manufacturing PMI for May similarly beat expectations (66.1 vs 60.8).
  • Bunds rallied early into the session before giving back most of the gains and now trading marginally above yesterday's close.
  • OAT yields are broadly 1bp lower on the day with the curve 1bp flatter.
  • BTPs have outperformed with yields 1-4bp lower and the curve bull flattening.
  • European preliminary PMI data was generally in line, to a touch better than expected, and points to continued robust expansion in activity.
  • The UK DMO earlier sold GBP3.5bn of 1/3/6-month UKTBs.
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