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EGBs-GILTS CASH CLOSE: Core Yields Drop Alongside Oil Prices

BONDS

The UK and German curves bull flattened to open the week, with periphery EGB spreads marginally wider.

  • After a mixed morning session, Bund and Gilt futures jumped to session highs in the afternoon as oil prices plummeted (front Brent dropped $6%) on a WSJ report that OPEC+ was considering raising output.
  • ECB Chief Economist Philip Lane told MNI that he didn't think December would mark the last rate hike, but the Governing Council would consider slowing the pace of hikes at the next meeting.
  • Rate futures largely took the comments in stride.
  • BTPs underperformed, with spreads widening throughout the session, accelerating toward the cash close on no particular catalyst.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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The UK and German curves bull flattened to open the week, with periphery EGB spreads marginally wider.

  • After a mixed morning session, Bund and Gilt futures jumped to session highs in the afternoon as oil prices plummeted (front Brent dropped $6%) on a WSJ report that OPEC+ was considering raising output.
  • ECB Chief Economist Philip Lane told MNI that he didn't think December would mark the last rate hike, but the Governing Council would consider slowing the pace of hikes at the next meeting.
  • Rate futures largely took the comments in stride.
  • BTPs underperformed, with spreads widening throughout the session, accelerating toward the cash close on no particular catalyst.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less