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European data and UK gilt auction help push FI higher

BONDS
  • EGBs are leading the way higher this morning after the disappointing Spanish and Italian services PMI prints saw the pan-Eurozone print revised lower - with the composite Eurozone PMI falling below 50 for the first time in 2023. PPI was also marginally weaker than expected.
  • Gilts have also benefitted both from following EGBs and from a strong short-dated gilt auction.
  • Going forward, attention will switch to the FOMC Minutes where the focus will be the degree to which the FOMC was divided over the decision to deliver a “hawkish pause/skip”, and to what degree the communications were crafted in a hawkish direction to appease those who would have preferred to hike at that meeting (see our preview here).
  • We will also receive US factory orders and the final print of durable goods.
  • TY1 futures are up 0-5+ today at 112-03+ with 10y UST yields down -2.5bp at 3.832% and 2y yields down -5.6bp at 4.882%.
  • Bund futures are up 0.58 today at 133.64 with 10y Bund yields down -4.7bp at 2.404% and Schatz yields down -3.6bp at 3.176%.
  • Gilt futures are up 0.32 today at 953.34 with 10y yields down -2.4bp at 4.387% and 2y yields down -3.7bp at 5.265%.
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