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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: Partial Reversal Of Post-US CPI Moves
Wednesday afternoon saw a partial reversal of most of the previous 24 hours' post-US CPI moves, with the UK curve bull steepening and Germany's bull flattening.
- Bund and Gilt yields were higher by midday, but faded amid apparent profit-taking/position squaring (2Y Schatz / UK had risen 16bp / 19bp from pre-US CPI), while equities gave up their nascent bounce.
- UK short-end outperformed, on both a broad relief retracement for core FI, and below-expected UK inflation.
- BoE hike pricing was little changed on the session, with the ECB terminal rate 1-2bp higher.
- Re-widening of asset swap spreads vs EGBs continued to be a theme as collateral shortages continued to be assessed following the ECB's decision on deposit remuneration last week (a theme touched on by Chief Econ Lane today).
- Periphery spreads were a little wider, though still well off the week's highs.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany:
- Germany: The 2-Yr yield is up 3.4bps at 1.428%, 5-Yr is up 0.2bps at 1.581%, 10-Yr is down 1.4bps at 1.716%, and 30-Yr is down 4.6bps at 1.752%.
- UK: The 2-Yr yield is down 7.8bps at 3.091%, 5-Yr is down 2.6bps at 3.072%, 10-Yr is down 3.9bps at 3.132%, and 30-Yr is down 6bps at 3.43%.
- Italian BTP spread up 1.7bps at 228.4bps / Greek up 1.6bps at 253.2bps
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Why MNI
MNI is the leading provider
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