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EGB/Gilt: UK Inflation Beats; Focus On FOMC

BOND SUMMARY

European sovereign bonds have traded weaker this morning with gilts underperforming following a higher than expected inflation print. European equities and global FX trade mixed ahead of today's Fed meeting.

  • UK CPI surprised higher in November (4.6% Y/Y vs 4.4% expected) adding to the body of evidence of wide-spread inflation pressure across the global economy and coming just ahead of a key BoE MPC meeting this week.
  • Gilt cash yields are now 4-6bp higher with the curve bear flattening.
  • Bunds have weakened a touch with cash yields 1-2bp higher on the day.
  • OATs started the session on a firm footing before selling off through mid-morning and now trade close to flat on the day.
  • The BTP curve has flattened with the 2s30s spread 2bp narrower as a result of the short-end trading weaker and longer-end yield inching lower.
  • There was no European supply this morning.
  • Near-term focus will be on US retail sales ahead of the FOMC meeting later today.
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