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EGB/Gilt - Yields have extended higher across the board

BONDS
  • Another busy session to end the week, albeit still on lower volumes.
  • Govies have extended their falls, pushing Yields higher.
  • German 10yr Yield printed a 1.237% high, highest in a month and just short of next resistance at 1.256%.
  • Peripherals are all wider, with Italy at one point, by 8bps, and challenging the 230bps handle.
  • The BTP/Bund spread has faded after investors faded at these upper levels, and the spread is back at 226.1bps, 5.5bps wider.
  • Gilt have been under pressure since the open, as the SONIA strip fall further, as investors price more UK hikes, short of 200bps by Feb vs May previously.
  • Gilt is nonetheless in line with Bund, and the Gilt/Bund spread is flat on the day at the time of typing.
  • Looking ahead, notable data for next week sees, Japan services PMI, Singapore CPI, FR/GE/EU/UK/US prelim services PMIs, EU Cons Conf (tue), SA CPI, US Durable goods (wed), German final GDP, US (2nd) GDP, Core PCE (thu), FR/IT cons conf, US Wholesale Inventories, PCE core deflator, final Michigan (fri).
  • And of course Jackson Hole.
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