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EGBs-GILTS: Weak UK CPI Sets Bullish Tone

BONDS

European FI has started Wednesday on the front foot.

  • Bunds have been gaining since 0700BST following the release of a weaker-than-expected UK CPI data, with Gilts of course opening stronger (and outperforming overall) an hour later.
  • Next resistance levels on Gilts to watch are 130.55 and 130.72 (last 130.06).
  • Periphery EGB spreads have tightened for the most part, with Greece underperforming (1.3bp wider of 10Y Bunds).
  • Stocks trading broadly lower; EUR and GBP slightly higher.
  • UK CPI came in 0.2pp below expected; not much data for the rest of the session, with Eurozone Jul CPI being final.
  • E1bln in 30Yr Bund supply features on the calendar this morning, with attention later in the session turning to the Federal Reserve meeting minutes.

Latest levels:

  • Sep Bund futures (RX) up 17 ticks at 176.97 (L: 176.71 / H: 176.98)
  • Sep Gilt futures (G) up 20 ticks at 130.06 (L: 129.88 / H: 130.11)
  • Sep BTP futures (IK) up 27 ticks at 155.18 (L: 154.87 / H: 155.2)
  • Italy / German 10-Yr spread 1bps tighter at 103.4bps
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