MNI: PBOC Net Injects CNY33 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1716 Tues; -1.53% Y/Y

MNI BRIEF: 5-Yr Inflation Expectation Highest Since May-NY Fed

MNI China Daily Summary: Monday, February 10

MNI BRIEF: PBOC'S Zou Promoted To Vice Governor Role

MNI BRIEF: China Steel To See Limited Impact From U.S. Tariffs

MNI: UK BRC JAN BY VALUE SHOP SALES LFL +2.5% YY, TOTAL +2.6% YY

EZ/UK T-Bill Calendar: Spain, Belgium, Finland Due Tuesday

EZ/UK Bond Supply Calendar: UK, IT, EU Syndications Upcoming

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BONDS: EGBs-GILTS CASH CLOSE: Bunds Outperform With ECB Looming

BONDS
BulletMarketsFixed Income Bullets

Gilts underperformed global peers Tuesday.

  • Movements in Gilts largely paralleled US Treasuries: initially UK yields appeared to lead Treasury yields higher in morning trade, before the space recovered through early afternoon.
  • But a spike in the US dollar saw UK and US yields rise in tandem toward the cash close. That was particularly noticeable at the short end, with US (and alongside, UK)  yields pressured higher ahead of supply and in anticipation of Wednesday's CPI data.
  • Bunds traded in their own fashion, with yields receding through most of the session. With little on the European data/speaker calendar Tuesday, attention remains on Thursday's ECB decision.
  • The German curve twist steepened on the day, with the UK's bear steepening.
  • Periphery spreads widened modestly; French OAT spreads to Bunds bucked the wider trend, with slight tightening.
  • MNI's preview of the ECB decision was published today (link): the ECB will cut by 25bp (fully priced by markets with just 5% implied of a 50bp cut), and even if language concerning the ‘restrictive’ policy stance is not removed from the policy statement this time around, it soon will be.

Closing Yields / 10-Yr EGB Spreads To Germany

Keep reading...Show less
254 words

To read the full story

Close

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.

Gilts underperformed global peers Tuesday.

  • Movements in Gilts largely paralleled US Treasuries: initially UK yields appeared to lead Treasury yields higher in morning trade, before the space recovered through early afternoon.
  • But a spike in the US dollar saw UK and US yields rise in tandem toward the cash close. That was particularly noticeable at the short end, with US (and alongside, UK)  yields pressured higher ahead of supply and in anticipation of Wednesday's CPI data.
  • Bunds traded in their own fashion, with yields receding through most of the session. With little on the European data/speaker calendar Tuesday, attention remains on Thursday's ECB decision.
  • The German curve twist steepened on the day, with the UK's bear steepening.
  • Periphery spreads widened modestly; French OAT spreads to Bunds bucked the wider trend, with slight tightening.
  • MNI's preview of the ECB decision was published today (link): the ECB will cut by 25bp (fully priced by markets with just 5% implied of a 50bp cut), and even if language concerning the ‘restrictive’ policy stance is not removed from the policy statement this time around, it soon will be.

Closing Yields / 10-Yr EGB Spreads To Germany

Keep reading...Show less