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MNI China Daily Summary: Friday, December 6

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MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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EGB/Gilts- Gilt underperforms

BONDS
  • EGB and BUnd have pared some of their latest rallies, but are still overall in the green and off their lows.
  • Volumes this week have been very poor, but still provided wide range sessions.
  • Recession fears, remain the main trend, and has keep Govies and rate markets underpinned.
  • Peripheral spreads are mixed, Italy is now just 5.1bps wider, and Portugal trades 3bps tighter against the German 10yr.
  • Gilt underperforms Germany, and the Gilt/Bund spread sits 3.1bps wider, and testing 95.00bps, widest level since the beginning of June.
  • Looking ahead, Fed Daly speaks.
  • Notable data for next week: UK Employment, EU CPI final (Tue), UK CPI, SA CPI (Wed), Japan CPI, UK Retail Sales, EU, UK, US prelim Services PMIs (fri).
  • Sep Bund futures (RX) up 85 ticks at 153.02 (L: 152.26 / H: 153.8)
  • Germany: The 2-Yr yield is down 6.6bps at 0.457%, 5-Yr is down 4.9bps at 0.825%, 10-Yr is down 4.9bps at 1.129%, and 30-Yr is down 2.2bps at 1.361%.
  • Sep Gilt futures (G) up 7 ticks at 115.7 (L: 115.35 / H: 116.39)
  • UK: The 2-Yr yield is down 4.6bps at 1.916%, 5-Yr is down 3.5bps at 1.798%, 10-Yr is down 1.5bps at 2.086%, and 30-Yr is up 2bps at 2.571%.
  • Sep BTP futures (IK) up 60 ticks at 123.82 (L: 122.98 / H: 124.42)
  • Sep OAT futures (OA) up 79 ticks at 142.15 (L: 141.51 / H: 142.57)
  • Italian BTP spread up 6bps at 213.2bps
  • Spanish bond spread down 0.8bps at 115bps
  • Portuguese PGB spread down 3.2bps at 116.4bps
  • Greek bond spread up 6.5bps at 238.9bps
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