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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: Bobl Underperforms As ECB Talks Tools And Hikes
EGBs and Gilts continued to weaken Tuesday, with some of the move attributable to stronger risk appetite, and a slight hint of ECB hawkishness at Sintra.
- Most of the ECB speak Tuesday focused on the anti-fragmentation tool in the works; a Reuters sources piece in the morning pointed to a cash sterilisation element offsetting the liquidity impact of bond purchases.
- While Lagarde reinforced 25bp hike pricing in July, Kazaks said a 50bp raise should be considered, while Wunsch noted the 200bp in hikes as priced by next March were a "no brainer".
- End-2022 ECB hike pricing closed at a 4-session high (1.05%, +163bp vs current rates), which maintained pressure on the short end/belly of the German curve (Bobl underperformed).
Closing Yields / 10-Yr Periphery EGB Spreads To Germany:
- Germany: The 2-Yr yield is up 5.2bps at 0.957%, 5-Yr is up 14.4bps at 1.433%, 10-Yr is up 8.1bps at 1.628%, and 30-Yr is up 7.6bps at 1.828%.
- UK: The 2-Yr yield is up 10.3bps at 2.116%, 5-Yr is up 10.2bps at 2.142%, 10-Yr is up 7.2bps at 2.465%, and 30-Yr is up 6.8bps at 2.712%.
- Italian BTP spread down 3.9bps at 193.2bps / Spanish down 1.2bps at 109.7bps
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Why MNI
MNI is the leading provider
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