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EGBs-GILTS: Futures Up, But Off Early Highs


Bund and Gilt futures have retreated from session highs but remain modestly up to start the week.

  • Sep Gilts and Bunds reached the best levels since Aug 6 (130.00 and 177.02, respectively), while BTP spreads continue to widen on a broader risk-off move (Afghanistan headlines dampening the mood).
  • Gilts still some way from the 130.72 bull trigger though; Bunds likewise remain well below the Aug 5 high 177.61.
  • USD on the front foot, equities a little lower.
  • A quiet calendar lies ahead Monday, with no ECB/BoE speakers, no Tier 1 data, and no bond supply (though we get bill sales from the Netherlands, Germany, and France).

Latest levels:

  • Sep Bund futures (RX) up 11 ticks at 176.75 (L: 176.72 / H: 177.02)
  • Sep Gilt futures (G) up 14 ticks at 129.81 (L: 129.78 / H: 130)
  • Sep BTP futures (IK) down 3 ticks at 155.11 (L: 155.05 / H: 155.33)
  • Italy / German 10-Yr spread 1.1bps wider at 102.4bps

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