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EGBs-GILTS CASH CLOSE: Gilts Gain As Wage Data Keeps June BoE Cut In Play

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Core European FI finished mixed Tuesday, after some intraday gyrations spurred by US producer price data.

  • The early highlight was the UK labour market report which brought a slightly soft private sector regular wages print of 5.9% Y/Y (3 mos to March) that marginally increases the likelihood of a June BoE cut -. MNI's review of the data is here (PDF).
  • That, plus BoE's Pill noting potential for a conversation on rate cuts this summer, helped Gilts outperform on the day.
  • The UK curve bull steepened, versus light bear steepening in the German curve.
  • The US PPI report sparked a sharp initial sell-off in global core FI as a much stronger than expected headline/core reading hit the wires, but softer details and downward revisions led to a full reversal.
  • Periphery EGB spreads initially went wider on the PPI release, but recovered to close tighter to Bunds.
  • Wednesday's docket is highlighted by US inflation data, though we also get appearances by ECB's Rehn, Villeroy, Makhlouf and Muller, and preliminary Eurozone Q1 GDP.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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Core European FI finished mixed Tuesday, after some intraday gyrations spurred by US producer price data.

  • The early highlight was the UK labour market report which brought a slightly soft private sector regular wages print of 5.9% Y/Y (3 mos to March) that marginally increases the likelihood of a June BoE cut -. MNI's review of the data is here (PDF).
  • That, plus BoE's Pill noting potential for a conversation on rate cuts this summer, helped Gilts outperform on the day.
  • The UK curve bull steepened, versus light bear steepening in the German curve.
  • The US PPI report sparked a sharp initial sell-off in global core FI as a much stronger than expected headline/core reading hit the wires, but softer details and downward revisions led to a full reversal.
  • Periphery EGB spreads initially went wider on the PPI release, but recovered to close tighter to Bunds.
  • Wednesday's docket is highlighted by US inflation data, though we also get appearances by ECB's Rehn, Villeroy, Makhlouf and Muller, and preliminary Eurozone Q1 GDP.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less