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EGBs-GILTS: Data Largely Shrugged Off So Far

BOND SUMMARY

Bunds have bounced from early lows despite strong German and French manufacturing PMI data (though services data not impressing). If anything, Bunds saw a bit of a jump on the strong release.

  • Meanwhile, Gilts weakened sharply at the open espite very weak retail sales data before recovering. Bear steepening across core curves.
  • Instead of data, FI appearing to take cues from the constellation of risk assets performing well, including BTPs, EUR and GBP, and equity futures coming off overnight lows.
  • In an otherwise thin calendar, focus remains on PMIs: Eurozone at 0900GMT, UK at 0930GMT.

Latest levels:

  • Mar Bund futures (RX) down 21 ticks at 174.47 (L: 174.24 / H: 174.7)
  • Mar Gilt futures (G) down 19 ticks at 130.66 (L: 130.4 / H: 130.72)
  • Mar BTP futures (IK) up 2 ticks at 151.15 (L: 150.9 / H: 151.21)
  • Italy / German 10-Yr spread 2.4bps tighter at 97bps
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