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EGB/gilts: Gilts the outperformers after soft labour market data

BONDS
  • Gilts have been the biggest movers of the day with the curve bull steepening following this morning's soft labour market data. Bunds and EGBs followed gilts higher (and had already been a little higher after some softer Chinese data overnight).
  • However, as risk sentiment has recovered somewhat and equity futures moved higher, gilts have moved a bit off their highs and Bunds have retraced much of the gilt-driven weakness.
  • In terms of Eurozone data, Dutch GDP was soft and the German ZEW survey saw expectations disappoint but the current situation come in a bit better than expected. Most other data this morning has been largely in line with expectations.
  • Today sees a Finnish 15-year auction as well as syndications from Belgium (20-year) and the UK (40-year).
  • Gilt futures are up 0.59 today at 101.04 with 10y yields down -6.1bp at 3.753% and 2y yields down -7.7bp at 3.738%.
  • Bund futures are up 0.35 today at 136.13 with 10y Bund yields down -3.3bp at 2.273% and Schatz yields down -2.0bp at 2.571%.
  • BTP futures are up 0.27 today at 115.27 with 10y yields down -3.5bp at 4.147% and 2y yields down -2.2bp at 3.295%.
  • OAT futures are up 0.36 today at 130.46 with 10y yields down -3.3bp at 2.848% and 2y yields down -1.4bp at 2.766%.
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