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EGBs-GILTS CASH CLOSE: ECB Dec Hike In Focus

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European yields reversed a an early drop with a sharp rise in the afternoon, leaving them largely flat on Monday's session.

  • ECB hike pricing faded and EGB yields fell mid-morning amid comments by ECB's Panetta (who said aggressive tightening is not advisable) and an MNI sources story pointing to a 50bp December hike with some risks of 75bp.
  • A jump in equities in the afternoon put the pressure back on core FI, and yields erased most of their earlier drop, though largely shrugged off a dip in US yields toward the cash close.
  • Periphery EGB spreads were mostly flat. Greece bucked the trend with sharp spread narrowing after a successful 10Y reopening operation.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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European yields reversed a an early drop with a sharp rise in the afternoon, leaving them largely flat on Monday's session.

  • ECB hike pricing faded and EGB yields fell mid-morning amid comments by ECB's Panetta (who said aggressive tightening is not advisable) and an MNI sources story pointing to a 50bp December hike with some risks of 75bp.
  • A jump in equities in the afternoon put the pressure back on core FI, and yields erased most of their earlier drop, though largely shrugged off a dip in US yields toward the cash close.
  • Periphery EGB spreads were mostly flat. Greece bucked the trend with sharp spread narrowing after a successful 10Y reopening operation.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less