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French election drives bond yields to new cycle highs

BONDS
  • EGBs are the drivers for core fixed income markets this morning with the implied probability of a Macron victory in the French elections increasing as first round results showed he did better than expected (albeit still looking like a fairly close race with Le Pen not out of the running yet). Nevertheless thishas been enough to see further cycle highs in yields across most maturities on the German, UST and gilt curves.
  • UK activity data this morning did little to move the docket, with the focus instead on French polls. There is little on the calendar for the rest of today other than Fed speakers, with focus instead on US inflation tomorrow and the ECB on Thursday.
  • TY1 futures are down -0-8+ today at 119-27+ with 10y UST yields up 4.1bp at 2.746% and 2y yields up 5.1bp at 2.567%.
  • Bund futures are down -1.01 today at 155.56 with 10y Bund yields up 7.1bp at 0.775% and Schatz yields up 5.9bp at 0.105%.
  • Gilt futures are down -0.67 today at 119.25 with 10y yields up 7.3bp at 1.821% and 2y yields up 7.2bp at 1.542%.
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