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EGBs-GILTS CASH CLOSE: Bunds Give Up Thursday's Gains

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German yields rose sharply to close the week as ECB dovishness was reconsidered, reversing most of Thursday's fall, with Gilts also weakening but outperforming Bunds. Trading was thinner than usual, with several US markets on holiday.

  • ECB and BoE terminal rate hike pricing bounced from Thursday's lows, returning to pre-US CPI release levels.
  • UK Sept GDP came in weaker than expected, but the reading was distorted by the impact of an additional bank holiday. No real surprises for the BoE.
  • ECB's de Cos said the QT start date could be announced in December.
  • Periphery spreads were mixed: BTPs gave back some of Thursday's spread tightening, while GGBs outperformed.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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German yields rose sharply to close the week as ECB dovishness was reconsidered, reversing most of Thursday's fall, with Gilts also weakening but outperforming Bunds. Trading was thinner than usual, with several US markets on holiday.

  • ECB and BoE terminal rate hike pricing bounced from Thursday's lows, returning to pre-US CPI release levels.
  • UK Sept GDP came in weaker than expected, but the reading was distorted by the impact of an additional bank holiday. No real surprises for the BoE.
  • ECB's de Cos said the QT start date could be announced in December.
  • Periphery spreads were mixed: BTPs gave back some of Thursday's spread tightening, while GGBs outperformed.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less