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EGBs-GILTS: See-Saw Open

BOND SUMMARY

Bunds and Gilts rallied hard on the open though reversed the move quickly, with little specific identifiable trigger though of course month-end a potential factor. Equities coming off the lows and curves mixed so far, with periphery spreads tighter.

  • Brexit an underlying theme of course, w talks dragging on and some familiar speculation (Ireland's Coveney says he thinks a deal can be reached this week).
  • Spain Nov prelim inflation a little higher than expected; German state/national and Italian numbers out later this morning. No issuance though.
  • ECB's Lagarde speaks at 1030GMT and BOE's Haldane at 1315GMT and Tenreyro at 1430GMT.

Latest levels:

  • Dec Bund futures (RX) down 1 ticks at 175.49 (L: 175.47 / H: 175.72)
  • Mar Gilt futures (G) up 14 ticks at 134.48 (L: 134.41 / H: 134.64)
  • Dec BTP futures (IK) up 4 ticks at 151.54 (L: 151.42 / H: 151.63)
  • Italy / German 10-Yr spread 0.6bps tighter at 117.6bps
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