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EGBs-GILTS: Heading Higher As Stocks Head Lower

BOND SUMMARY

Core FI has come off session's worse levels, with equities heading lower.

  • We saw another leg higher for Bunds and Gilts at 0830GMT, perhaps in sympathy with the Riksbank's SEK200bn QE extension decision seen dovish.
  • Consumer confidence was a little weaker than expected in France (Nov) and Germany (Dec); main release for the rest of the day is the ECB's October meeting accounts (1230GMT).
  • We also get ECB's Lane (1230GMT) and Schnabel (1300GMT) speaking, though no issuance.
  • UK's Hancock due to announce Tier restrictions post-lockdown at 1130GMT. Continued attention on Brexit talks as weekend approaches of course.

Latest levels:

  • Dec Bund futures (RX) steady at at 175.33 (L: 175.16 / H: 175.34)
  • Mar Gilt futures (G) up 3 ticks at 134.2 (L: 134.07 / H: 134.22)
  • Dec BTP futures (IK) down 3 ticks at 151.29 (L: 151.16 / H: 151.34)
  • Italy / German 10-Yr spread 0.3bps wider at 118.6bps
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