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EGBs-GILTS CASH CLOSE: Bull Flatter With ECB Still The Focal Point

BONDS

The UK and German curves bull flattened Tuesday, though yields finished off lows.

  • Early weakness in oil prices and softer-than-expected Swiss CPI helped underpin Bunds and Gilts early. German labour market data came in mixed.
  • Most price action of note in the European afternoon stemmed from risk-off geopolitical newsflow and a weak US job openings figure which pushed core FI futures to session highs before fading into the cash close.
  • Bunds modestly outperformed Gilts out to the 10Y segment of the curve. EGB periphery spreads widened, mirroring softness in equities.
  • UK PM Sunak debates Labour leader Starmer after the market close.
  • Wednesday's schedule brings final Service PMI data and Eurozone PPI, with focus for the week remaining firmly on Thursday's ECB decision (MNI's preview here).

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 3.5bps at 2.994%, 5-Yr is down 4.3bps at 2.576%, 10-Yr is down 4.6bps at 2.534%, and 30-Yr is down 3.7bps at 2.676%.
  • UK: The 2-Yr yield is down 0.4bps at 4.353%, 5-Yr is down 3bps at 4.087%, 10-Yr is down 4.3bps at 4.178%, and 30-Yr is down 5.6bps at 4.611%.
  • Italian BTP spread up 3.3bps at 133.5bps / Spanish up 2.2bps at 74.1bps
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