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The UK and German curves bear steepened sharply in the afternoon session with equities rallying and the USD selling off, with some pointing to month-end dynamics at play. Periphery spreads largely tightened with risk appetite picking up.
A parade of central bank speakers from Lagarde to Haldane failed to move the needle much; neither did morning data (weak French and Italian CPI / stronger-than-expected German retail sales / not-as-bad-as-expected UK investment).
French and Spanish supply in focus for Thursday, plus Spain/Italy PMIs (along with the rest of Europe's final PMIs). Closing levels:
- Germany: The 2-Yr yield is up 0.9bps at -0.701%, 5-Yr is up 1.5bps at -0.71%, 10-Yr is up 2.3bps at -0.522%, and 30-Yr is up 2.6bps at -0.094%.
- UK: The 2-Yr yield is up 3bps at -0.023%, 5-Yr is up 2.9bps at -0.056%, 10-Yr is up 4.5bps at 0.229%, and 30-Yr is up 6.2bps at 0.782%.
10-Yr Periphery EGB Spreads:
- Italian BTP spread down 0.9bps at 138.8bps
- Spanish bond spread unchanged at 77bps
- Portuguese PGB spread up 0.2bps at 78.5bps
- Greek bond spread down 1.5bps at 154.8bps