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EGBs-GILTS: Choppy Start


A choppy start to Tuesday trading, with Gilts and Bunds fluctuating before tentatively resolving in an upward direction (despite equities pushing higher).

  • A falling Pound is leading Gilts lower, with Brexit concerns lingering.
  • Gilts perhaps also assisted by earlier data showing labor market weakness in Nov, though the release was mixed overall with revisions etc.
  • Periphery EGB yields falling, Italy and Spain 10-Yrs for example at/near record lows.
  • ECB's Rehn (0900GMT) and Lane (1405GMT) are today's speakers, and there's no bond supply today.

Latest levels:

  • Mar Bund futures (RX) up 5 ticks at 178.47 (L: 178.34 / H: 178.53)
  • Mar Gilt futures (G) up 8 ticks at 135.27 (L: 135.19 / H: 135.35)
  • Mar BTP futures (IK) up 9 ticks at 152.27 (L: 152.15 / H: 152.33)
  • Italy / German 10-Yr spread 0.5bps tighter at 115.6bps

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