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EGBs-GILTS CASH CLOSE: UK Long End Leads

BONDS

UK long-end yields fell sharply Wednesday, with the belly outperforming on the German curve.

  • Multiple factors spurred the European FI rally amid a generally risk-off session, with equities falling sharply alongside losses in the cryptocurrency space.
  • There was also some anticipation over Thursday's US CPI reading, with MNI's preview suggesting most are eyeing downside risks to the print.
  • The risk-off tone had a brief respite in the afternoon on news of a Russian setback in Ukraine, but subsequent reports saw pessimism return. Bunds and Gilts rallied throughout.
  • Periphery EGBs were mixed: GGBs underperformed.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

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UK long-end yields fell sharply Wednesday, with the belly outperforming on the German curve.

  • Multiple factors spurred the European FI rally amid a generally risk-off session, with equities falling sharply alongside losses in the cryptocurrency space.
  • There was also some anticipation over Thursday's US CPI reading, with MNI's preview suggesting most are eyeing downside risks to the print.
  • The risk-off tone had a brief respite in the afternoon on news of a Russian setback in Ukraine, but subsequent reports saw pessimism return. Bunds and Gilts rallied throughout.
  • Periphery EGBs were mixed: GGBs underperformed.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

Keep reading...Show less