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EGBs-GILTS: Recovering From Early Lows

BOND SUMMARY

Bunds and Gilts have opened the month/quarter by bouncing from weak starts, with futures now roughly flat on the session. Periphery spreads a little tighter.

  • PMIs in focus: Spanish manuf a little better than expected; Italy up at 0845BST and apart from Greece at 0900BST, all finals.
  • Earlier, German retail sales data came in on the weak side of expectations.
  • ECB's Lane wrote in a blog that the ECB will look through a temporary rise in inflation in the coming months, a repeat of previous ECB officials' commentary.
  • No bond supply and no scheduled speakers, so focus likely to quickly turn to the long weekend and positioning ahead of Friday's shortened U.S. session and nonfarm payrolls release.

Latest levels:

  • Jun Bund futures (RX) up 1 ticks at 171.29 (L: 171.07 / H: 171.36)
  • Jun Gilt futures (G) up 3 ticks at 127.62 (L: 127.32 / H: 127.64)
  • Jun BTP futures (IK) up 13 ticks at 149.44 (L: 149.24 / H: 149.46)
  • Italy / German 10-Yr spread 1bps tighter at 95bps
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