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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: OAT Spreads Continue To Tighten
Bund and Gilt yields fell modestly Tuesday, with semi-core/periphery EGB spreads tightening
- A flat-to-weaker morning for core FI in European trade - with June Eurozone flash inflation data coming in line with expectations - was followed by a decent rally in the afternoon with little discernable trigger.
- The bounce faded quickly after data showed surprisingly high US job openings.
- A panel appearance by ECB's Lagarde at the Sintra forum brought little new and had little impact on rate markets.
- The German curve twist steepened on the day, with the UK's bull flattening.
- EGB Periphery spreads tightened in a continuation of Monday's post-French election relief.
- Notably, French spreads continued compressing, with 10Y OAT in 2.7bp vs Bunds to a fresh post-June 13 low. Some desks cited reports of hundreds of candidates withdrawing from their runoff races ahead of the 2nd election round, in an effort to block far right gains.
- Wednesday sees final Services PMIs and Eurozone PPI, with multiple ECB speakers at Sintra.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 1.8bps at 2.906%, 5-Yr is down 0.8bps at 2.58%, 10-Yr is down 0.4bps at 2.603%, and 30-Yr is up 0.4bps at 2.799%.
- UK: The 2-Yr yield is down 0.9bps at 4.189%, 5-Yr is down 2.9bps at 4.081%, 10-Yr is down 3.3bps at 4.248%, and 30-Yr is down 2.8bps at 4.747%.
- Italian BTP spread down 4.6bps at 145.2bps / Greek down 5.5bps at 112bps
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Why MNI
MNI is the leading provider
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