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EGBs lead core FI lower following Spanish inflation beat

BONDS
  • EGBs have led core fixed income lower this morning following a higher-than-expected Spain HICP print. There were some methodological changes behind some of the increase but the overall result was that Y/Y HICP was a whole percentage point higher than expected at 5.8%Y/Y, an increase on December's 5.5%Y/Y print.
  • At the time of writing Schatz yields are over 6bp higher on the day with a very mild flattening of the German curve. USTs and gilts yields are 2-3bp higher on the day.
  • Markets will already likely have one eye on further Eurozone inflation prints tomorrow with the FOMC, BOE and ECB decisions all due ahead of the US employment report on Friday. It is certainly a busy week!
  • TY1 futures are down -0-4 today at 114-15+ with 10y UST yields up 3.0bp at 3.535% and 2y yields up 2.1bp at 4.223%.
  • Bund futures are down -0.70 today at 136.74 with 10y Bund yields up 5.8bp at 2.295% and Schatz yields up 6.2bp at 2.633%.
  • Gilt futures are down -0.25 today at 104.39 with 10y yields up 2.8bp at 3.349% and 2y yields up 3.2bp at 3.474%.
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