Free Trial

EGBs/GILTS: A modest risk-on tone......>

BOND SUMMARY
BOND SUMMARY: EGBs/GILTS: A modest risk-on tone has prevailed in the European
bond space to open the week, with core EGBs and Gilts ticking weaker.
- This despite lower equities (Eurostoxx50 off 0.3%) amid global trade jitters.
- Austria has called a snap election for September; 10-Yr AT spreads/Bunds a
little tighter at 31.2bps after opening 0.2bps wider.
- Periphery a little tighter too (IT, ES, PT, GR in 1-2bps v Bunds). Italy
tightening despite more inflammatory rhetoric by Salvini ahead of EU elec.
- Light issuance to open the week; Slovakia selling up to E0.2bln in SLOVGBs.
- UK's DMO holds its qtly investor and GEMMs meetings on issuance for fiscal Q2.
- ECB's Praet appears at 0900 UK time; BOE's Broadbent speaks at 1730.
- Dearth of data, with just German Apr PPI (at +0.5% M/M, vs 0.2% MNI median).
- Latest futures levels:
* Jun Bund futures (RX) down 24 ticks at 166.82 (L: 166.8 / H: 167.06)
* Jun BTP futures (IK) up 14 ticks at 129.91 (L: 129.61 / H: 129.97)
* Jun OAT futures (OA) down 25 ticks at 163.02 (L: 163 / H: 163.22)
* Jun Gilt futures (G) down 21 ticks at 128.71 (L: 128.69 / H: 128.96)

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.