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EGBs-GILTS CASH CLOSE: Pullback On Multiple Factors

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Core FI largely reversed the prior session's gains Thursday, with multiple factors weighing increasingly on Bunds and Gilts as the session went on.

  • After largely constructive trade in the European morning session, helped by softer oil/gas prices, stronger-than-expected US manufacturing survey data (Philly Fed) helped kick off global core FI weakness in the afternoon, aided by a bounce in energy prices and hawkish-leaning Fedspeak.
  • While ECB speakers maintained broad consensus on a June rate cut, Austria's Holzmann broke from the Governing Council's recent rhetoric by noting that the ECB's rate cut cycle would be restrained if Federal Reserve easing proved limited.
  • The German and UK curves leaned bear flatter, with Gilts outperforming Bunds.
  • Periphery EGB spreads widened in mid-afternoon before later re-tightening, mirroring moves in equities.
  • Early Friday sees UK retail sales data.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

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Core FI largely reversed the prior session's gains Thursday, with multiple factors weighing increasingly on Bunds and Gilts as the session went on.

  • After largely constructive trade in the European morning session, helped by softer oil/gas prices, stronger-than-expected US manufacturing survey data (Philly Fed) helped kick off global core FI weakness in the afternoon, aided by a bounce in energy prices and hawkish-leaning Fedspeak.
  • While ECB speakers maintained broad consensus on a June rate cut, Austria's Holzmann broke from the Governing Council's recent rhetoric by noting that the ECB's rate cut cycle would be restrained if Federal Reserve easing proved limited.
  • The German and UK curves leaned bear flatter, with Gilts outperforming Bunds.
  • Periphery EGB spreads widened in mid-afternoon before later re-tightening, mirroring moves in equities.
  • Early Friday sees UK retail sales data.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany:

Keep reading...Show less