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FI lower in spite of lower equities

BOND SUMMARY

Fixed income markets are on the backfoot today despite equities also having taken a leg lower. There are no real obvious reasons for the moves but we do note that today is the last trading day of the month so the moves could be month-end related. Peripheral spreads are also bucking the trend of equity markets and are tighter on the day.

  • We have received German, French and Spanish Q4 GDP data and all have been been a little better than expected.
  • The focus later today will be on US personal income/spending for December as well as the MNI Chicago PMI.
  • TY1 futures are down -0-3 today at 137-05 with 10y UST yields up 2.3bp at 1.070% and 2y yields down -0.3bp at 0.116%.
  • Bund futures are down -0.59 today at 177.18 with 10y Bund yields up 2.8bp at -0.512% and Schatz yields up 1.2bp at -0.737%.
  • Gilt futures are down -0.42 today at 134.14 with 10y yields up 2.7bp at 0.313% and 2y yields up 0.7bp at -0.112%.
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