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Still In Consolidation Mode

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Adviser To Lula Expects 2023 Spending Boost

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European FI strengthened across the board Thursday, with periphery EGBs outperforming.

  • While Bund and Gilt yields ended mostly lower, the direction of travel varied throughout the day, with some early bond weakness giving way to strength in the afternoon, before settling closer to opening levels.
  • These moves generally tracked oil prices and equities more broadly.
  • Relatively more focus on futures, where we saw significant Dec -> Mar rolling activity.
  • Attention turns to Friday's US employment report.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is down 2.4bps at -0.736%, 5-Yr is down 3.3bps at -0.627%, 10-Yr is down 2.6bps at -0.369%, and 30-Yr is down 1.6bps at -0.065%.
  • UK: The 2-Yr yield is up 1.2bps at 0.542%, 5-Yr is unchanged at 0.655%, 10-Yr is down 0.9bps at 0.811%, and 30-Yr is up 1.2bps at 0.9%.
  • Italian BTP spread down 3bps at 132.3bps / Spanish down 2.1bps at 74.9bps