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BOND SUMMARY

EGB/GILT SUMMARY- Holding onto gains

SHORT-STERLING OPTIONS

Vol buyer

GBP

Cable look to test MNI tech resistance

EGBs-GILTS: Gains Fade Fast

BOND SUMMARY

Another choppy start to London trade, with Gilt futures dropping 16 points from the open, as global bonds head lower amid bear steepening in Bunds.

  • This has been the mirror image of equity futures which have in the past hour erased overnight losses to trade higher for the most part.
  • Focus on Brexit yet again, Barnier noting "hard nuts to crack" in "few hours left" for a deal.
  • UK Nov retail sales beat expectations; German IFO up at 0900GMT

Latest levels:

  • Mar Bund futures (RX) down 25 ticks at 177.44 (L: 177.42 / H: 177.85)
  • Mar Gilt futures (G) down 7 ticks at 134.56 (L: 134.53 / H: 134.82)
  • Mar BTP futures (IK) down 24 ticks at 151.84 (L: 151.76 / H: 152.18)
  • Italy / German 10-Yr spread 0.8bps wider at 111.8bps
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com