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EGBs-GILTS CASH CLOSE: Peripheries Underperform To Conclude Short Week

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European FI closed a holiday-shortened week Thursday with a flat-to-softer performance in which periphery spreads noticeably widened.

  • Hawkish commentary from the Fed's Waller and BoE's Haskel set a negative tone for global core FI, and helped spur underperformance in periphery EGBs.
  • Bunds and Gilts pared losses in the afternoon, helped by softer-than-expected US data (including MNI Chicago PMI), with some support potentially coming from month-end extensions.
  • The German curve twist flattened on the day, with the UK's bear flattening.
  • 10Y BTP spreads to Bunds closed at their widest level in 3 weeks, having now widened by over 21bp from the March lows.
  • While markets are closed Friday, there are still key data releases, namely flash March inflation prints for France and Italy, ahead of next week's German and Eurozone-wide reports.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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European FI closed a holiday-shortened week Thursday with a flat-to-softer performance in which periphery spreads noticeably widened.

  • Hawkish commentary from the Fed's Waller and BoE's Haskel set a negative tone for global core FI, and helped spur underperformance in periphery EGBs.
  • Bunds and Gilts pared losses in the afternoon, helped by softer-than-expected US data (including MNI Chicago PMI), with some support potentially coming from month-end extensions.
  • The German curve twist flattened on the day, with the UK's bear flattening.
  • 10Y BTP spreads to Bunds closed at their widest level in 3 weeks, having now widened by over 21bp from the March lows.
  • While markets are closed Friday, there are still key data releases, namely flash March inflation prints for France and Italy, ahead of next week's German and Eurozone-wide reports.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less