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EGB/Gilt - Yields fall

BONDS
  • A busy session for EGBs and Bund, with Global Bonds extending their gains on Safe Haven play, with Risk tilted to the downside.
  • Tech Stocks remains under pressure, but are off their lows, as well as the indices.
  • Bund has found support at the 0.85% Yield support.
  • US PPI was pretty much inline and markets were unmoved.
  • Peripheral spreads are mixed, Greece is 3.7bps wider, Italy 3.4bps tighter.
  • Gilt underperforms Bund somewhat, but is nonetheless up 171 ticks at the time of typing.
  • Gilt/Bund spread sits 1.3bps tighter.
  • Looking ahead, attention turns to tomorrow, with the final European CPIs.
  • Speakers include Kashkari, Mester, and ECB Centeno.
  • Gilt futures are up 1.67 today at 120.68 with 10y yields down -12.7bp at 1.697% and 2y yields down -7.5bp at 1.197%.
  • Bund futures are up 1.99 today at 154.90 with 10y Bund yields down -11.5bp at 0.868% and Schatz yields down -8.9bp at 0.045%.
  • BTP futures are up 1.97 today at 130.87 with 10y yields down -15.3bp at 2.741% and 2y yields down -11.6bp at 0.667%.
  • OAT futures are up 1.88 today at 147.18 with 10y yields down -11.3bp at 1.384% and 2y yields down -9.3bp at 0.052%.
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