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EGBs-GILTS CASH CLOSE: Historic Rally As Recession Talk Swirls

BONDS
BulletMarketsFixed Income

EGBs had one of their strongest daily rallies in recent history Thursday, as much weaker-than-expected June flash PMI data indicated rapidly weakening European economic activity.

  • Amid a bull steepening curve move, Bobl yields fell at one point by the fastest (over 30bp) since 1998, and closed about 60bp off the month's highs.
  • Bunds rallied the most in a decade, testing support at 1.40%.
  • Periphery EGBs and Gilts couldn't keep pace with the blistering German rally.
  • The UK curve shifted down in parallel by about 20bp through the 10Y segment.
  • BTP spreads widened, while GGBs underperformed.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

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EGBs had one of their strongest daily rallies in recent history Thursday, as much weaker-than-expected June flash PMI data indicated rapidly weakening European economic activity.

  • Amid a bull steepening curve move, Bobl yields fell at one point by the fastest (over 30bp) since 1998, and closed about 60bp off the month's highs.
  • Bunds rallied the most in a decade, testing support at 1.40%.
  • Periphery EGBs and Gilts couldn't keep pace with the blistering German rally.
  • The UK curve shifted down in parallel by about 20bp through the 10Y segment.
  • BTP spreads widened, while GGBs underperformed.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

Keep reading...Show less