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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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Free AccessMNI China Daily Summary: Wednesday, December 11
EGBs-GILTS CASH CLOSE: Bunds Fail To Hold Onto Initial ECB Rally
European core FI curves ended the week steeper, notably Bunds which failed to hold onto Thursday's post-ECB decision rally.
- Friday's weakness was largely a result of some push-back among ECB policymakers in the 24 hours since the decision (pointing out that they are merely accelerating and not increasing the total volume of PEPP), and a sell-off in US Tsys.
- Periphery spreads finished mixed, with Italy a little tighter despite news of broader lockdowns and wider fiscal deficits coming.
- Gilts underperfomed. Earlier, Jan UK GDP was contractionary but less so than expected.
- The Europe focus next week is on the Bank of England meeting, which comes a day after the global focal point of the Federal Reserve decision.
Closing yields/10-Yr Spreads to Bunds:
- Germany: The 2-Yr yield is up 0.4bps at -0.687%, 5-Yr is up 1.3bps at -0.619%, 10-Yr is up 2.8bps at -0.306%, and 30-Yr is up 4bps at 0.221%.
- UK: The 2-Yr yield is up 1.9bps at 0.099%, 5-Yr is up 5.4bps at 0.381%, 10-Yr is up 8.7bps at 0.822%, and 30-Yr is up 9.2bps at 1.352%.
- Italian BTP spread down 0.6bps at 92.9bps/ Spanish up 0.5bps at 63.5bps
To read the full story
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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.