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EGBs-GILTS CASH CLOSE: 10Y Yields Hit August Highs

BONDS

The German and UK curves bear steepened Thursday as some of the prior session's post-US CPI dovishness was reconsidered.

  • The second weak US inflation print in as many days (PPI) saw limited immediate reaction, and the follow-through was actually bearish with Bund and Gilt yields reversing higher from session lows and steepening accelerating.
  • Gilts underperformed Bunds, though 10Y yields on both curves hit their highest levels of the month - with the recent caveat that trading volumes today were very limited in typical August trade.
  • Periphery spreads compressed despite a fairly soft tone in overall risk appetite (equities were flat/lower on the day).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

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The German and UK curves bear steepened Thursday as some of the prior session's post-US CPI dovishness was reconsidered.

  • The second weak US inflation print in as many days (PPI) saw limited immediate reaction, and the follow-through was actually bearish with Bund and Gilt yields reversing higher from session lows and steepening accelerating.
  • Gilts underperformed Bunds, though 10Y yields on both curves hit their highest levels of the month - with the recent caveat that trading volumes today were very limited in typical August trade.
  • Periphery spreads compressed despite a fairly soft tone in overall risk appetite (equities were flat/lower on the day).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

Keep reading...Show less