MNI China Daily Summary: Friday, July 5

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EGBs & Gilt Stabilise Ahead Of U.S. Data

BONDS
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European & UK benchmark bonds have stabilised over the last couple of hours, with supply in the rear-view mirror.

  • Headline flow in that time has been dominated by U.S. corporate earnings, while geopolitical risk centred on the Israel-Hamas conflict may have factored into the stabilisation.
  • That leaves the major European and UK benchmarks off worst levels but still comfortably lower on the day as we head towards the U.S. ECI data, which will cross in just under 5 minutes.
  • Gilts outperform Bunds across the curve.
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European & UK benchmark bonds have stabilised over the last couple of hours, with supply in the rear-view mirror.

  • Headline flow in that time has been dominated by U.S. corporate earnings, while geopolitical risk centred on the Israel-Hamas conflict may have factored into the stabilisation.
  • That leaves the major European and UK benchmarks off worst levels but still comfortably lower on the day as we head towards the U.S. ECI data, which will cross in just under 5 minutes.
  • Gilts outperform Bunds across the curve.