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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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Free AccessEGBs-GILTS CASH CLOSE: Gains Reverse Despite Lockdown Fears
Bunds and Gilts reversed early gains Monday, with yields rising in the afternoon, making up significant ground on Friday's drop.
- Several bearish factors played into the afternoon weakness, including Fed's Powell being re-nominated as Chair (as opposed to a more dovish replacement), and ECB's Villeroy saying the bank is "serious" about ending PEPP. BTP spreads widened; Gilts underperformed Bunds.
- One undercurrent in the session was the spectre of further COVID lockdowns (Austria started one today, while Germany's Merkel called for tighter restrictions), which kept a lid on equity gains and helped a safe haven bid overnight.
- Light on data today but Tuesday sees flash PMIs.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is up 3.9bps at -0.739%, 5-Yr is up 4.1bps at -0.596%, 10-Yr is up 4.1bps at -0.301%, and 30-Yr is up 3.8bps at 0.028%.
- UK: The 2-Yr yield is up 4.5bps at 0.534%, 5-Yr is up 3.8bps at 0.681%, 10-Yr is up 5.5bps at 0.934%, and 30-Yr is up 4.7bps at 1.071%.
- Italian BTP spread up 4.2bps at 124.7bps / Spanish down 0.7bps at 71.8bps
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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.