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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
EGBs-GILTS CASH CLOSE: From Bear Flattening To Bull Flattening
European bonds rallied after an early selloff, with Bunds and Gilts ending Monday's session stronger.
- Yields jumped on the open as oil prices shot higher on an unexpected OPEC+ output cut announcement made over the weekend. The German and UK curves bear flattened.
- But the move reversed later in the session, with curves ultimately bull flattening. A very weak US ISM manufacturing reading was a key driver in the European afternoon, with yields hitting session lows.
- ECB hawk Holzmann said a 50bp hike in May was "still on the cards", with the OPEC+ decision adding to inflation on the margin. That bumped up ECB May hike pricing slightly, but didn't have much of an impact further down the strip, and reversed alongside the broader rate move.
- ECB and BoE terminal pricing finished basically flat on the day, after early 5-6bp rises.
- Periphery EGB spreads widened, with the exception of Portugal (possibly follow-through from Friday's funding announcement).
- Comments by BoE's Pill are the highlight of Tuesday's docket.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany:
- Germany: The 2-Yr yield is down 0.9bps at 2.674%, 5-Yr is down 2.3bps at 2.287%, 10-Yr is down 3.7bps at 2.255%, and 30-Yr is down 5.7bps at 2.306%.
- UK: The 2-Yr yield is down 5.4bps at 3.39%, 5-Yr is down 5.7bps at 3.3%, 10-Yr is down 6bps at 3.43%, and 30-Yr is down 8.1bps at 3.758%.
- Italian BTP spread up 4.1bps at 184.6bps / Portuguese down 0.9bps at 82.3bps
To read the full story
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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.