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Bund and Gilt yields closed lower for the first time since last Thursday, with the short end outperforming as rate hike speculation took a step back.
- A miss on UK inflation at the beginning of the session set a slightly more dovish tone than seen previously in the week, with curves bull steepening.
- Periphery spreads fell with the exception of Greece.
- The biggest headline of the session was the unexpected resignation of Bundesbank President Weidmann, effective at the end of this year (successor to be decided by the next government).
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is down 3.3bps at -0.658%, 5-Yr is down 3.3bps at -0.473%, 10-Yr is down 2bps at -0.126%, and 30-Yr is down 0.5bps at 0.291%.
- UK: The 2-Yr yield is down 4.9bps at 0.684%, 5-Yr is down 4.2bps at 0.818%, 10-Yr is down 2.1bps at 1.148%, and 30-Yr is up 1.5bps at 1.387%.
- Italian BTP spread down 1.4bps at 104bps / Spanish down 0.4bps at 63bps