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EGB/Gilt - US Retail Sales keep Govies underpinned

BONDS
  • Although EGBs and Bund are still in the red, futures are closer to their upper range levels.
  • BTP is back to flat on the session at the time of typing.
  • US Retail Sales beat expectations on the MoM reading, but otherwise missed expectation, combined with lower revisions.
  • This has helped underpin Govies heading towards the later part of the European session.
  • Curves have seen more flattening, with German 10/30 inverted and at record lows.
  • Gilt is trading in line with Bund, albeit just 0.5bp wider against the German 10yr.
  • Looking ahead, tomorrow ECB Lagarde, Villeroy and Rehn are scheduled to speak.
  • In terms of data, UK Retail sales, EC and Italian final CPI, while in the US, the focus will be on the Prelim Michigan.
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