-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessEGBs-GILTS CASH CLOSE: Afternoon Rally Ahead Of Fed, BoE
Bunds outperformed Gilts Wednesday as US developments set a bullish tone, helping reverse early weakness.
- In a quiet session for European data/speakers (a holiday was observed across much of the region), a combination of smaller-than-expected announced US supply at the Treasury's quarterly refunding and a weak ISM Manufacturing PMI print spurred afternoon gains in risk assets and core FI alike, led by a strong long-end UST rally.
- The UK curve twist flattened with 2Y yields higher ahead of Thursday's BoE decision (our preview went out this morning). Bunds outperformed in a German curve bull flattening move out to the 10Y segment.
- Periphery EGB spreads clawed back earlier losses in the afternoon, with 10Y BTP/Bund spreads tightening from wides above 200bp.
- The Federal Reserve decision and communications will be the focus this evening, and Thursday's European schedule is busy.
- The morning sees the Norges Bank decision, German labour market data, final Oct PMIs, and an appearance by ECB's Lane. We also get Spanish and French supply.
- Later, the BoE decision is set to be the main event: with a rate hold almost assured, MNI thinks the main driving factor is likely to be the vote breakdown, with <3 hawkish dissenters potentially seeing a small dovish reaction in markets.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 2.5bps at 2.991%, 5-Yr is down 3.9bps at 2.616%, 10-Yr is down 4.2bps at 2.764%, and 30-Yr is down 2bps at 3.074%.
- UK: The 2-Yr yield is up 1.7bps at 4.797%, 5-Yr is down 0.8bps at 4.458%, 10-Yr is down 1.3bps at 4.499%, and 30-Yr is down 1.5bps at 4.961%.
- Italian BTP spread up 4.3bps at 196.3bps / Spanish down 0.3bps at 107.4bps
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.