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BONDS: EGBs-GILTS CASH CLOSE: Pressure Continues

BONDS
BulletMarketsFixed Income Bullets

Bunds underperformed Gilts Tuesday, ahead of inflation data Wednesday.

  • After a constructive start, regional FI softened amid EGB supply, oil prices and equities moving off lows, and continued questions surrounding French and UK politics and fiscal policy.
  • A softer-than-expected US producer price report saw yields briefly hit session lows before retracing higher over the course of the day.
  • The German curve leaned bear steeper on the day, with the belly underperforming overall as yields hit fresh multi-month highs across the curve, while the UK curve was mixed.
  • Periphery/semi-core spreads were flat/tighter, with OAT/Bund roughly steady through new French Prime Minister Bayrou's policy address.
  • Focus early Wednesday is on UK December CPI (MNI's preview here), with consensus eyeing a downtick in Y/Y core and services inflation; later we hear from BoE's Taylor, while US CPI is the main global event later in the session. 

Closing Yields / 10-Yr EGB Spreads To Germany

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Bunds underperformed Gilts Tuesday, ahead of inflation data Wednesday.

  • After a constructive start, regional FI softened amid EGB supply, oil prices and equities moving off lows, and continued questions surrounding French and UK politics and fiscal policy.
  • A softer-than-expected US producer price report saw yields briefly hit session lows before retracing higher over the course of the day.
  • The German curve leaned bear steeper on the day, with the belly underperforming overall as yields hit fresh multi-month highs across the curve, while the UK curve was mixed.
  • Periphery/semi-core spreads were flat/tighter, with OAT/Bund roughly steady through new French Prime Minister Bayrou's policy address.
  • Focus early Wednesday is on UK December CPI (MNI's preview here), with consensus eyeing a downtick in Y/Y core and services inflation; later we hear from BoE's Taylor, while US CPI is the main global event later in the session. 

Closing Yields / 10-Yr EGB Spreads To Germany

Keep reading...Show less