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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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Free AccessEGBs-GILTS CASH CLOSE: Hawks Take Flight (Then Take Profit)
The UK curve underperformed Germany's Thursday, with bear steepening and multi-year highs set in long-end yields.
- The sell-off came mostly in the early morning/open following the hawkish reaction to Wednesday's Federal Reserve minutes which helped boost global rate hike expectations.
- Indeed, we saw some apparent profit-taking by bond shorts in the afternoon.
- 10Y and 30Y Gilt yields underperformed and hit fresh post-Oct 2021 highs. But short-end /belly UK instruments took centre stage, with 2Y and 5Y yields hitting highest since Mar 2019 (0.827% / 0.981% intraday highs respectively).
- Attention turns to the U.S. again Friday, for the Dec nonfarm payrolls report.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany:
- Germany: The 2-Yr yield is up 2.1bps at -0.599%, 5-Yr is up 3.1bps at -0.4%, 10-Yr is up 2.3bps at -0.061%, and 30-Yr is up 0.4bps at 0.266%.
- UK: The 2-Yr yield is up 5.1bps at 0.813%, 5-Yr is up 5.6bps at 0.973%, 10-Yr is up 6.9bps at 1.156%, and 30-Yr is up 7.3bps at 1.275%.
- Italian BTP spread up 1.5bps at 133.4bps / Spanish up 0.2bps at 68.4bps
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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.