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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA OPEN: 25Bp Cut Still Expected From FOMC Wednesday
MNI ASIA MARKETS ANALYSIS: Ylds Climb to 3W Highs Ahead FOMC
EGBs-GILTS CASH CLOSE: PEPP Slowdown Fears
In a soft start to the week for the European FI space, the standout move was in periphery spreads which have widened sharply in recent days.
- Spain, Portugal, Greece 10 Yr spreads traded at the widest vs Bunds since mid-2020, with the best explanation appearing to be speculation over potential ECB slowdown of PEPP purchases as soon as June. Italy widened most; notably the sovereign has a heavy issuance slate for the remainder of the year and would be unduly impacted by a slowdown in purchases.
- Gilts and Bunds were stronger early but sold off through most of the morning.
- Tuesday sees UK labor market data and flash Eurozone Q1 GDP. Appearances by ECB's Villeroy, and BOE's Bailey, Broadbent and Ramsden. UK sells GBP5.5bln in Gilts, Germany E6bln Schatz; EU syndicates dual-tranche SURE (MNI est size E11-15bln).
Closing yields/10-Yr Spreads to Bunds:
- Germany: The 2-Yr yield is up 0.1bps at -0.655%, 5-Yr is up 1bps at -0.51%, 10-Yr is up 1.4bps at -0.115%, and 30-Yr is up 1.2bps at 0.446%.
- UK: The 2-Yr yield is up 0.4bps at 0.084%, 5-Yr is up 0.6bps at 0.386%, 10-Yr is up 0.8bps at 0.865%, and 30-Yr is up 0.4bps at 1.401%.
- Italian BTP spread up 2bps at 122bps / Spanish spread up 1.6bps at 73bps
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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.