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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.
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Free AccessEGBs-GILTS CASH CLOSE: UK Bear Flattening On Political Uncertainty
UK yields underperformed with significant bear flattening to end the week, while Germany's curve twist flattened. In a session of limited data aside from weaker-than-expected UK retail sales, there was still a wide range of flashpoints.
- These included UK political uncertainty pushing short end Gilt yields higher, and later, a recovery in European FI following dovish repricing of Federal Reserve tightening expectations on the back of a Wall Street Journal article.
- Also of interest was a newspaper article overnight that the ECB was considering introducing a 4th policy rate for reverse repo operations, which helped swap spreads compress as repo stresses were seen easing, but the central bank later pushed back on the report.
- After hours, attention turns to the ratings agencies (in focus are S&P and Moody's reviews of their ratings for the UK), with the Conservative leadership race heating up as well.
CLOSING YIELDS / 10-YR PERIPHERY EGB SPREADS TO GERMANY:
- Germany: The 2-Yr yield is down 8bps at 2.041%, 5-Yr is down 3.3bps at 2.212%, 10-Yr is up 1.3bps at 2.417%, and 30-Yr is up 7.5bps at 2.442%.
- UK: The 2-Yr yield is up 21.1bps at 3.799%, 5-Yr is up 18.6bps at 4.153%, 10-Yr is up 14.1bps at 4.054%, and 30-Yr is up 10bps at 4.06%.
- Italian BTP spread down 2bps at 233bps / Spanish down 1.3bps at 111.6bps
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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.