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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.
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Free AccessEGBs-GILTS CASH CLOSE: All Gilt Bets Are Off Ahead Of CPI
Gilts led a global bond rally Tuesday, with caution receding ahead of Wednesday's pre-market UK CPI reading.
- The UK belly outperformed with yields across the curve down double-digits in the biggest rally since March. 2s reversed yesterday's losses; 10s were back to the same yield levels of 6 sessions ago after the key 4.50% level held firm.
- Some desks cited possible short covering (MNI's Europe Pi noted Gilts had been in structural short positioning), with CPI Weds and the BoE decision Thursday eyed - our preview will be published later today.
- The German curve bull flattened, helped by German PPI coming in below consensus, with 10-30Y yields down over 10bp. With the short end / ECB hike pricing anchored, 2s10s hit the most inverted level since 1992.
- ECB's Simkus told an MNI event that “I would in no way be surprised" if the ECB opted to hike in September, with a July hike already "pretty much clear".
- EGB periphery spreads widened amid a broader risk-off asset move, with Portugal underperforming.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 5.3bps at 3.107%, 5-Yr is down 9.5bps at 2.525%, 10-Yr is down 11.2bps at 2.405%, and 30-Yr is down 11.1bps at 2.488%.
- UK: The 2-Yr yield is down 13bps at 4.953%, 5-Yr is down 17.6bps at 4.509%, 10-Yr is down 15.5bps at 4.337%, and 30-Yr is down 10.3bps at 4.454%.
- Italian BTP spread up 2.2bps at 162.6bps / Portuguese up 2.4bps at 66.7bps
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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.