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EGBs-GILTS: Gilts Up, Bunds Fade Strong Open

BOND SUMMARY

A continued impasse in Brexit negotiations following last night's UK-EU meeting (and a new 'deadline' for a deal of this coming Sunday) helped push Gilts and Bunds higher at their respective opens.

  • Gilts are steady, Bunds have faded slightly, with equities starting to move higher. Periphery spreads modestly tighter.
  • ECB is the focus today of course (with the European Council and Brexit making for an interesting risk backdrop). Decision at 1245GMT, presser 1330GMT.
  • In supply, we get Spanish and Italian bond auctions.
  • In Data, UK Oct GDP and France Oct Ind Prod better than expected; not much for the rest of the day, and ECB obviates the speaker calendar.

Latest levels:

  • Mar Bund futures (RX) up 4 ticks at 178.23 (L: 178.22 / H: 178.37)
  • Mar Gilt futures (G) up 25 ticks at 135.05 (L: 135.01 / H: 135.15)
  • Mar BTP futures (IK) up 10 ticks at 151.86 (L: 151.76 / H: 151.9)
  • Italy / German 10-Yr spread 0.6bps tighter at 118.1bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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