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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: Post-US CPI Reversal
European bond yields fully reversed a sharp rise after stronger-than-expected US inflation data over the course of Wednesday afternoon. Short end yields reversed lower as Fed hawkishness post-CPI was second-guessed. This allowed the UK and German curves to re-steepen after modest flattening earlier in the session.
- Periphery spreads fell sharply, mirroring risk-on moves in equities.
- Little impact from ECB headlines, as markets had already priced the news in: a BBG sources piece reporting ECB officials are increasingly seeing rates rising above zero this year, Pres Lagarde's comment that hikes could come "a few weeks" after net asset purchases in Q3 conclude left the door open for a July rate hike
Closing Yields / 10-Yr Periphery EGB Spreads To Germany:
- Germany: The 2-Yr yield is down 2.2bps at 0.139%, 5-Yr is down 3.1bps at 0.659%, 10-Yr is down 1.5bps at 0.985%, and 30-Yr is down 0.2bps at 1.138%.
- UK: The 2-Yr yield is down 4.2bps at 1.286%, 5-Yr is down 3.3bps at 1.45%, 10-Yr is down 2.4bps at 1.824%, and 30-Yr is up 0.9bps at 2.064%.
- Italian BTP spread down 9.2bps at 190.9bps / Spanish down 6bps at 104.2bps
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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.