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EGB/Gilt - Yields are extending their fall

BONDS
  • EGBs and Bund have resumed their rallies today, pushing Yields lower, after Europe falls into contraction territory, following PMIs last week.
  • German 10yr Yield has fallen to its lowest level since late May.
  • Peripherals spreads are mostly tighter, besides Italy that sits 5bps wider at the time of typing.
  • Gilt lags Europe, but still up 64 ticks at the time of typing.
  • The divergence between Germany and the UK, has pushed the Gilt/Bund spread another 5.6bps wider, and widest since the 1st June.
  • Looking ahead, ECB's de Cos Speaks about Inflation in Barcelona.
  • But most of the attention turns to the Fed tomorrow and the widely expected 75bps hike.
  • Gilt futures are up 0.64 today at 117.92 with 10y yields down -4.7bp at 1.887% and 2y yields down -2.7bp at 1.782%.
  • Bund futures are up 1.37 today at 156.12 with 10y Bund yields down -9.8bp at 0.917% and Schatz yields down -6.3bp at 0.332%.
  • BTP futures are up 0.69 today at 124.23 with 10y yields down -4.1bp at 3.241% and 2y yields up 1.0bp at 1.648%.
  • OAT futures are up 1.18 today at 144.85 with 10y yields down -9.6bp at 1.511% and 2y yields down -6.6bp at 0.288%.
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