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EGB/Gilt - Underpinned ahead of the weekend

BONDS
  • The afternoon session saw further short cover in Govies, after some desks were positioned for a stronger US CPI release.
  • Investors are now positioning, favouring safer haven over the weekend, as Europe head towards the end of the afternoon session.
  • The US CPI was mostly inline, and the MoM reading was actually a beat, but by just a 1 tenth.
  • Also, Real Avg Hourly Earning miss, followed by the Michigan 1yr inflation coming at 4.9% vs 5% expected kept Govies underpinned.
  • Gilts have outperformed Bund, pushing the Gilt/Bund spread 3.1bps tighter, and we now test, the tightest level since 13/09/21 at 107.39.
  • Gilt futures are up 25 ticks at 127.30.
  • Bund futures are up 0.01 today at 174.20 with 10y Bund yields down -0.1bp at -0.357% and Schatz yields up 0.8bp at -0.702%.
  • BTP futures are up 0.44 today at 149.56 with 10y yields down -3.9bp at 0.956% and 2y yields down -3.3bp at -0.252%.
  • OAT futures are up 0.15 today at 166.17 with 10y yields down -0.9bp at -0.11% and 2y yields up 2.5bp at -0.741%.
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