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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.
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EGBs-GILTS CASH CLOSE: Bund Weakness Extends
Gilts easily outperformed Bunds Tuesday after weaker-than-expected UK labour market data spurred a reconsideration of potential BoE hikes.
- The early bullish move reversed and both German and UK yields closed at/near session highs, but implied BoE hikes (and the UK short end) didn't quite recover lost ground - terminal cumulative pricing was pared by 4bp to 41bp, with June pulling back 2bp to 19bp.
- Other than UK jobs, European data again had little impact: a weaker-than-expected German ZEW figure was worth a few ticks higher in Bunds - but 10Y German yields finished higher for the 3rd consecutive session..
- Periphery spreads were little changed. Following Monday's outperformance, GGBs underperformed - though spreads vs Bunds tightened slightly intraday after Wed's GGB auction announcement with size up to E400mln.
- Indeed supply looms large Wednesday, with France selling up to E11bln in OAT, UK GBP3.75bln of Gilt, and Germany E4bln of Bund.
- Apart from that, final Eurozone CPI and multiple ECB speakers feature.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is up 5.3bps at 2.657%, 5-Yr is up 6bps at 2.306%, 10-Yr is up 4.4bps at 2.353%, and 30-Yr is up 3.7bps at 2.55%.
- UK: The 2-Yr yield is down 1.4bps at 3.812%, 5-Yr is unchanged at 3.628%, 10-Yr is down 0.1bps at 3.816%, and 30-Yr is up 0.7bps at 4.257%.
- Italian BTP spread down 0.9bps at 186.8bps / Greek up 0.5bps at 170.9bps
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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.