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EGBS/Gilts Off Highs But Remain Firmer On The Day

BONDS

Core/semi-core EGBs and Gilts are off intraday highs but remain a touch firmer on the day, with little meaningful headline flow/data to note this morning.

  • The sharp program-driven sell-off in US equities just before the US close yesterday provided a tailwind for global core FI overnight, and helped instruments off Asia-Pac session lows.
  • Bunds are +1 tick at 137.83 and Gilts +18 ticks at 102.96, with dovish impulses from the lower-than-expected UK CPI yesterday still providing some support to the latter.
  • The German cash curve twist steepens, pivoting on the 10-year point, with yields -1.1bps lower to 1.2bp higher. Gilt yields are lower across the curve.
  • Periphery spreads are broadly unchanged to Bunds. Note that Portugal released its 2024 funding plan this morning (see MNI FI bullets at 0954 GMT for details).
  • The remainder of today's docket is light, with ECB's Lane at 1600GMT (participating in an "Economics Winter Workshop") potentially of interest.
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