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EGBs-GILTS CASH CLOSE: Gilts Underperform With UK CPI Eyed Ahead

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European curves lightly bear steepened Monday as the weakness seen late last week extended, with Gilts underperforming.

  • Amid light trading volumes on the Whit Monday holiday observed in various European countries, there were few notable catalysts.
  • BoE's Broadbent noted it's "possible" rates will be cut in the summer, though gave little away on his view of a June reduction.
  • Around 2bp of 2024 BoE cuts were pared from the path on the day with 54bp in reductions now seen; the ECB counterpart was little changed at 67bp.
  • A moderate pullback in oil prices helped core FI tick up from session lows in early afternoon trade, though downside resumed from there into the cash close.
  • While Bunds and Gilts have now more than reversed last week's rally, today's ranges were relatively tight. Periphery spreads tightened slightly, against a fairly benign risk backdrop with equities higher.
  • Tuesday brings an appearance by ECB's Lagarde and German PPI, with UK inflation and flash PMIs featuring later in the week.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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European curves lightly bear steepened Monday as the weakness seen late last week extended, with Gilts underperforming.

  • Amid light trading volumes on the Whit Monday holiday observed in various European countries, there were few notable catalysts.
  • BoE's Broadbent noted it's "possible" rates will be cut in the summer, though gave little away on his view of a June reduction.
  • Around 2bp of 2024 BoE cuts were pared from the path on the day with 54bp in reductions now seen; the ECB counterpart was little changed at 67bp.
  • A moderate pullback in oil prices helped core FI tick up from session lows in early afternoon trade, though downside resumed from there into the cash close.
  • While Bunds and Gilts have now more than reversed last week's rally, today's ranges were relatively tight. Periphery spreads tightened slightly, against a fairly benign risk backdrop with equities higher.
  • Tuesday brings an appearance by ECB's Lagarde and German PPI, with UK inflation and flash PMIs featuring later in the week.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less