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German court ruling helps peripheral spreads tighten

BOND SUMMARY
  • After a fairly flat overnight session, we have seen core fixed income move lower so far through the European morning session.
  • The main headlines this morning have surrounded the German Constitutional Court ruling against an injunction that sought to stop the ratification of the EU's long-term budget and COVID-19 recovery package in the German parliament. This has helped the general risk tone with equities higher and notably, peripheral spreads tightening (BTP-Bund 10y spread 2.3bp tighter on the day at typing).
  • In terms of data, we saw UK CPI a tenth lower than expected this morning but very little market reaction and the focus later today will switch to the BoC policy decision ahead of the ECB meeting tomorrow. BOE Governor Bailey is due to speak at 11:30BST at a diversity event but he is unlikely to talk much (if at all) on monetary policy.
  • TY1 futures are down -0-4 today at 132-14 with 10y UST yields up 1.8bp at 1.579% and 2y yields up 0.2bp at 0.152%.
  • Bund futures are down -0.07 today at 170.67 with 10y Bund yields up 1.5bp at -0.248% and Schatz yields up 0.2bp at -0.695%.
  • Gilt futures are down -0.18 today at 128.58 with 10y yields up 2.1bp at 0.751% and 2y yields up 1.0bp at 0.043%.
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