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BONDS: EGBs-GILTS CASH CLOSE: UK Short End Outperforms Amid Broader Softness

BONDS
BulletMarketsFixed Income Bullets

EGB yields rose modestly Thursday, with short-end Gilts outperforming across the space.

  • Global core FI was soft in European morning trade, amid French OAT supply and higher energy prices.
  • Later, US developments were constructive: weaker US continuing jobless claims data helped EGB futures away from session lows, while a late dip in oil (US Pres Trump called on OPEC to lower prices) saw a renewed bid toward the bond cash close (which ultimately faded).
  • The UK curve twist steepned, with notable outperformance at the short end as Chancellor Reeves announced some relaxation to proposed non-dom tax regime changes, while the German curve lightly bear steepened.
  • Periphery spreads widened early and failed to regain lost ground by the close, despite steady tightening throughout the session as equities rallied. BTPs underperformed.
  • Confidence readings were roughly in line (France business/manufacturing, Eurozone consumer confidence -14.2 vs -14.1 expected), with UK GfK due after the cash close.
  • Flash January PMIs are Friday's scheduled highlight, with ECB's Lagarde appearing at Davos. 

Closing Yields / 10-Yr EGB Spreads To Germany

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EGB yields rose modestly Thursday, with short-end Gilts outperforming across the space.

  • Global core FI was soft in European morning trade, amid French OAT supply and higher energy prices.
  • Later, US developments were constructive: weaker US continuing jobless claims data helped EGB futures away from session lows, while a late dip in oil (US Pres Trump called on OPEC to lower prices) saw a renewed bid toward the bond cash close (which ultimately faded).
  • The UK curve twist steepned, with notable outperformance at the short end as Chancellor Reeves announced some relaxation to proposed non-dom tax regime changes, while the German curve lightly bear steepened.
  • Periphery spreads widened early and failed to regain lost ground by the close, despite steady tightening throughout the session as equities rallied. BTPs underperformed.
  • Confidence readings were roughly in line (France business/manufacturing, Eurozone consumer confidence -14.2 vs -14.1 expected), with UK GfK due after the cash close.
  • Flash January PMIs are Friday's scheduled highlight, with ECB's Lagarde appearing at Davos. 

Closing Yields / 10-Yr EGB Spreads To Germany

Keep reading...Show less