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EGB/Gilts - Taking their cue from Tnotes

BONDS
  • A lighter session in terms of volumes in Govies, as we start the week.
  • Although some of the data might be somewhat dismissed by some of the US members, we have important data ahead of the next Fed meeting.
  • We have PCE deflator on Friday for inflation, and before that the advance GDP (for growth) on Thursday.
  • For Europe we have the ECB, but some Banks sees this meeting as neutral, with officials more likely to make a formal announcement regarding Bond buying at the December meeting.
  • Bund are back at the top of the range at the time of typing, and purely led by the bid in Treasuries.
  • The bid was mostly from some FM short cover, and the move higher has also been exacerbated, but the lack of volumes.
  • Portugal/Bund spread briefly tested that October low, but we are back around the 50bps handle.
  • Gilts are now more in line with Bund, albeit still a small 0.7bp wider on the session.
  • Gilt futures are up 0.20 today at 124.15 with 10y yields up 0.1bp at 1.144% and 2y yields down -1.1bp at 0.645%.
  • Bund futures are up 0.22 today at 168.50 with 10y Bund yields down -0.4bp at -0.111% and Schatz yields down -2.4bp at -0.667%
  • BTP futures are up 0.46 today at 151.18 with 10y yields down -2.3bp at 0.975% and 2y yields down -2.0bp at -0.221%.
  • OAT futures are up 0.26 today at 164.90 with 10y yields down -0.6bp at 0.226% and 2y yields down -1.0bp at -0.665%.
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