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EGBs-GILTS: Gilts Underperforming Early

BOND SUMMARY

Despite equities recovering some of Monday's sharp losses, risk aversion remains an undertone, with Bunds recovering early drops, and the USD strengthening. BTP spreads tighter though, carrying through from yesterday's election results.

Two of the day's key events are already underway/over: little initial reaction from the unchanged Riksbank decision, while BoE's Bailey repeating much of what he's said before about the outlook - comments appear to have disappointed those looking for more reinforcement of potential use of negative rates though and Gilts have moved to session lows.

ECB's Villeroy speaks at 0900BST, with Panetta at 1300BST and Lane at 1500BST. We get Dutch and German supply also. Little data; Sep Eurozone consumer confidence at 1500BST.** Latest levels:

  • Dec Bund futures (RX) down 7 ticks at 174.58 (L: 174.48 / H: 174.74)
  • Dec Gilt futures (G) down 15 ticks at 136.71 (L: 136.58 / H: 136.91)
  • Dec BTP futures (IK) up 40 ticks at 147.26 (L: 146.98 / H: 147.35)
  • Italy / German 10-Yr spread 2.9bps tighter at 141.9bps
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