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EGB/Gilt - US Core CPI miss keeps Bonds elevated

BONDS
  • Another wide range session for EGBs and Bund, with Bonds consolidating higher, after Yield tested more session highs during the EU morning session.
  • Desks were seen squaring ahead of the US CPI, and the miss in Core kept futures contract underpinned/bid.
  • Bund trades in a 149 ticks range, and at the upper end of the range.
  • BTP achieved 196 ticks range (132.69/134.65).
  • Peripheral spreads have tightened today, with Italy in the lead by 4bps.
  • Portugal and Spain sits 3.1bps tighter against the German 10yr.
  • Gilts have stayed in range with its European counterpart, albeit 0.8bps tighter versus the Bund.
  • Looking ahead, Fed’s Brainard takes part in Wall Street Journal Live Event.
  • Gilt futures are up 0.32 today at 119.36 with 10y yields down -3.4bp at 1.812% and 2y yields down -4.1bp at 1.510%.
  • Bund futures are up 0.35 today at 155.38 with 10y Bund yields down -2.2bp at 0.792% and Schatz yields down -4.7bp at 0.081%.
  • BTP futures are up 0.71 today at 134.32 with 10y yields down -6.5bp at 2.398% and 2y yields down -7.6bp at 0.458%.
  • OAT futures are up 0.37 today at 147.61 with 10y yields down -2.8bp at 1.287% and 2y yields down -4.1bp at 0.141%.
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