MNI BRIEF: Caixin June Manufacturing PMI Hits Three-year High

MNI BRIEF: Japan Q1 GDP Revised Lower On Public Investment

MNI BRIEF: Business Inflation Expectations Solid - BOJ Tankan

MNI: PBOC Net Drains CNY48 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1265 Mon; -0.32% Y/Y

Daily Average Exports Hold Close To Recent Highs, Trade Surplus Firms

CHINA JUNE CAIXIN MANUFACTURING PMI 51.8 VS 51.7 IN MAY

MNI: BOJ Tankan: Sentiment Rises, Solid Capex Plans, Backs BOJ

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGBs-GILTS CASH CLOSE: Bear Flattening Ahead Of French/German Inflation

BONDS

The UK and German curves bear flattened Tuesday with Gilts underperforming, ahead of multiple

  • After a positive overnight session for global core FI, in part following Monday's late announcement of a lower-than-expected US Treasury borrowing requirement, EGBs reversed lower after Spanish flash Jan inflation came in firmer than expected. (Eurozone Q4 GDP wasn't as bad as feared.)
  • Gilts would hit higher levels in the session but Bunds didn't recover, with both dragged down by Treasuries in early afternoon after data showed a surprising rise in US job vacancies - a key metric eyed by the Fed, ahead their decision tomorrow. Higher oil prices kept the pressure on.
  • Periphery EGB spreads finished wider, with BTPs cheapening after the announcement of a 15Y syndication. (Today also saw BTP auctions, plus German/Greek bond syndications.)
  • The highlight early Wednesday will be French and German state-level inflation data - our Eurozone inflation preview was published today and is available here.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 4.1bps at 2.5154%, 5-Yr is up 3.8bps at 2.164%, 10-Yr is up 3.3bps at 2.268%, and 30-Yr is up 2.6bps at 2.496%.
  • UK: The 2-Yr yield is up 7.1bps at 4.339%, 5-Yr is up 5bps at 3.857%, 10-Yr is up 2.5bps at 3.901%, and 30-Yr is up 2.4bps at 4.53%.
  • Italian BTP spread up 3bps at 152.9bps / Spanish up 1bps at 90.3bps
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.