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(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum

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Bunds drifted for most of the day while Gilt yields rose steadily after a drop at the open. The German curve flattened, though only modestly, and there was a bit of a tug-of-war in either direction over the course of the session.

  • BTP spreads traded within ranges, with 10-Yrs remaining below the key 140bps mark to Bunds.
  • Not much driving from a fundamental perspective, with no key data/speakers. Solid Gilt and Bund auctions this morning did little to move the needle.
  • Wednesday sees UK Jul inflation data first thing, and Germany selling 30-Yrs/ UK selling Oct-29 Gilt. Also, 7th round of UK-EU FTA talks start this evening.
  • Germany: The 2-Yr yield is down 0.1bps at -0.658%, 5-Yr is down 0.5bps at -0.658%, 10-Yr is down 1.2bps at -0.463%, and 30-Yr is down 1.2bps at -0.026%.
  • UK: The 2-Yr yield is unchanged at -0.042%, 5-Yr is up 0.6bps at -0.04%, 10-Yr is up 0.3bps at 0.219%, and 30-Yr is up 0.4bps at 0.778%.

10-Yr Periphery EGB Spreads:

  • Italian BTP spread up 0.8bps at 138.9bps
  • Spanish bond spread down 0.4bps at 77.3bps
  • Portuguese PGB spread up 0.7bps at 80.5bps
  • Greek bond spread down 0.2bps at 155.7bps
MNI London Bureau | +44 203-865-3807 |
MNI London Bureau | +44 203-865-3807 |

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