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EGBs-GILTS: Bull Flattening In Bunds And Gilts

BOND SUMMARY

Risk aversion has the UK and German curves bull flattening and periphery spreads a little wider ahead of a busy slate of ECB speakers (post-meeting yesterday). A brief uptick in equities but broadly weaker on the session; no-deal Brexit lurking in the background.

A long list of speakers today: Villeroy earlier largely echoed Lagarde's comments Thursday; Weidmann, Schnabel, Lagarde, Mersch, Holzmann, and Lane are all appearing today.

We're basically done with European data for the week. This morning, UK Jul GDP was basically in line, industrial / manufacturing surprised a bit to the upside w services and trade disappointed; Spain IP surprised to the upside too. German and Spanish final Aug CPIs were in line with Flash.** Latest levels:

  • Dec Bund futures (RX) up 69 ticks at 173.8 (L: 173.55 / H: 173.84)
  • Dec Gilt futures (G) up 51 ticks at 136.4 (L: 136.27 / H: 136.52)
  • Dec BTP futures (IK) up 39 ticks at 145.6 (L: 145.45 / H: 145.67)
  • Dec OAT futures (OA) up 68 ticks at 167.6 (L: 167.32 / H: 167.64)
  • Italy / German 10-Yr spread 0.8bps wider at 144.9bps
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