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EGB/Gilt: Unwinding FOMC Move

BOND SUMMARY

European sovereign curves have flattened this morning with the long end unwinding the FOMC move.

  • Gilts have traded weaker at the short end while the longer end has firmed. The 2s30s spread is 4bp narrower.
  • The bund curve has bull flattened with the 2s30s trading down 2bp.
  • OATs have similarly firmed through the morning with long-end yields 1-2bp lower.
  • BTPs have mirrored gilts with the short end weaker and the long end firming.
  • UK retail sales came in weaker than expected in May (ex auto fuel -2.1% Y/Y vs 1.4% survey), while still chalking about double digit expansion relative to the same period last year.
  • The UK's Lib Dems won a local byelection in Chesham and Amersham, eating into the Tory Blue Wall.
  • HMRC data show UK food and drink exports to the EU fell by almost a half in the first quarter compared to the same period a year earlier.
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