Euribor futures underperforming SONIA futures as European bonds closed

With European and Japanese bond markets closed, there have only been limited moves in gilts and Treasuries (both a little higher on the day).

• A more interesting dynamic is seen in STIR markets, however, with the Euribor strip moving up to 3 ticks lower through the Greens and Blues. This is in contrast to the 2.0-2.5 tick increase in the same maturity for SONIA futures. There's no real reason for the outperformance of SONIA, other than yesterday's story that the UK government may delay some of the expected rise in consumer energy prices that is pencilled in for April - however that story broke yesterday so it more seems to be illiquid markets exaggerating moves.
• TY1 futures are up 0-1 today at 130-14 with 10y UST yields up 0.5bp at 1.516% and 2y yields unch at 0.727%.
• Gilt futures are up 0.12 today at 124.90 with 10y yields down -0.2bp at 0.973% and 2y yields down -0.3bp at 0.663%.