-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessEGBs-GILTS CASH CLOSE: Long End Impresses Again
The long ends of the UK and German curves rallied for the 2nd consecutive session Wednesday. Once again the 30Y segment was a standout, with yields at that tenor pushing to the lowest levels since September.
- While short-end/bellies were relatively inert, including weakness in Schatz and almost no change in Bobl - ECB and BoE hike prospects were little changed - 2Y and 5Y UK yields edged incrementally to fresh post-Jun lows.
- There were almost no macro catalysts of note during the session, with the highlight being a jump in 1Y consumer inflation expectations in the ECB's CES survey that brought core FI down from morning highs.
- Central bank speakers attempted to push back on recent rate cut talk, including ECB's Makhlouf ('far too early in my view' to discuss cuts) and Nagel (the 'last mile' may well be the hardest), as well as BoE's Bailey ('really too early to be talking about cutting rates'). but this had little discernable impact.
- Instead it was a continued march lower in oil prices, a pullback in equities, and a general resumption of the trend begun last week post-US Fed decision / jobs report that saw long-end European FI rally.
- Periphery spreads tightened, led by Italy, while PGBs lagged as political uncertainty continued to drag.
- Following on from the US 10Y Treasury auction after the cash close Wednesday, a limited docket awaits Thursday, with the ECB's economic bulletin and multiple speakers (Villeroy, Lane, Lagarde, BoE's Pill) ahead.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is up 3.1bps at 3.015%, 5-Yr is down 0.8bps at 2.569%, 10-Yr is down 4.1bps at 2.617%, and 30-Yr is down 8.1bps at 2.813%.
- UK: The 2-Yr yield is down 1.2bps at 4.62%, 5-Yr is down 0.2bps at 4.242%, 10-Yr is down 3bps at 4.24%, and 30-Yr is down 4.6bps at 4.691%.
- Italian BTP spread down 2.9bps at 186.3bps / Portuguese up 1.1bps at 74.5bps
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.