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Free AccessEGBs-GILTS CASH CLOSE: Recession Fears Dominate
EGBs and Gilts rallied strongly Friday as global recession fears mounted.
- The rally began in the morning in a continuation of Thursday's risk-off move (mixed Eurozone CPI was market-neutral).
- The move accelerated in the afternoon as June US ISM Manufacturing was weaker than expected, fuelling further safe-haven bond buying on recession concerns.
- 2Y UK yields dropped nearly 27bp and Bobl by 23bp at one point, with ECB and BoE hiking swiftly priced out.
- The final hour of the session proved calmer, with yields coming off the lows as FX and equities stabilised - but curves ended firmly steeper given the short-end rally.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany:
- Germany: The 2-Yr yield is down 13.2bps at 0.517%, 5-Yr is down 13.9bps at 0.928%, 10-Yr is down 10.4bps at 1.232%, and 30-Yr is down 5.2bps at 1.563%.
- UK: The 2-Yr yield is down 16.3bps at 1.679%, 5-Yr is down 16.5bps at 1.728%, 10-Yr is down 14.5bps at 2.084%, and 30-Yr is down 11.2bps at 2.452%.
- Italian BTP spread down 7bps at 185.8bps / Spanish down 4.5bps 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.