-
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: BTPs Outperform As Core FI Reverses Higher
An early sell-off Monday fully had reversed by the cash close, with Bunds and Gilts benefiting from a bid in US Treasuries.
- Bunds underperformed Gilts, though an early German bear steepening flipped to flattening as the USD weakened and equities rose alongside a broader move lower in rates. Gilts leaned bull flatter overall (2s30s flatter, 2s10s a little steeper on the day).
- It was difficult to pinpoint a specific reason for the reversals, which accelerated after high-profile market participants (incl Bill Ackman and Bill Gross) expressed the view that the recent US yield rise had gone far enough.
- We note though that our Europe Pi positioning update today showed significant structural shorts across Eurex contracts, with the trade potentially getting overcrowded as yields pushed to fresh multi-year highs.
- BTPs outperformed, with 10Y spreads down 7bp after S&P affirmed the sovereign at BBB; Outlook Stable; Greek spreads were close behind, after attaining investment grade status at S&P Friday.
- Focus Tuesday is on flash October PMIs, with the ECB decision Thursday the clear focus for the week - MNI's preview went out today. The UK's ONS publishes new labour market data Tuesday morning (though won't publish the Jun-Aug LFS data).
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is up 1.2bps at 3.134%, 5-Yr is down 0.3bps at 2.78%, 10-Yr is down 1.5bps at 2.874%, and 30-Yr is down 2.6bps at 3.068%.
- UK: The 2-Yr yield is down 5.7bps at 4.832%, 5-Yr is down 5.7bps at 4.579%, 10-Yr is down 5.2bps at 4.599%, and 30-Yr is down 6.2bps at 5.049%.
- Italian BTP spread down 7bps at 196.6bps / Greek down 6.6bps at 141.8bps
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.