MNI China Daily Summary: Tuesday, December 31

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EGBs-GILTS CASH CLOSE: Cautionary Trading Into The Weekend

BONDS

Core FI spent Friday consolidating gains made Weds-Thurs, with the UK and German curves a little flatter. Periphery spreads a little tighter as well.

  • Trading has been cautionary despite generally positive equities, with safe havens remaining underpinned by concerns over COVID spikes, and potential ECB easing in December, which was a key theme among speakers this morning. Brexit negotiations also entering crunch time.
  • Next week's schedule includes UK data (CPI, retail sales, public finances), and multiple central bank speakers (Lagarde, Bailey, Haldane) among others, as well as crucial Brexit talks.

Closing Levels / 10-Yr Periphery EGB Spreads:

  • Germany: The 2-Yr yield is down 0.4bps at -0.727%, 5-Yr is down 0.6bps at -0.736%, 10-Yr is down 1.1bps at -0.547%, and 30-Yr is down 1.6bps at -0.128%.
  • UK: The 2-Yr yield is up 0.9bps at -0.027%, 5-Yr is unchanged at 0.015%, 10-Yr is down 1bps at 0.338%, and 30-Yr is down 0.6bps at 0.926%.
  • Italian BTP spread down 0.8bps at 121.2bps
  • Spanish bond spread down 1bps at 65.8bps
  • Portuguese PGB spread down 0.6bps at 63.4bps
  • Greek bond spread down 3.7bps at 130.4bps
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