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German curve leads core FI higher

BONDS

The German curve has led core fixed income higher today. Lagarde has spoken and not said much that is new while we have had some relatively weak French confidence data alongside much higher than expected German PPI. The move away from 0% 10-year Bund yields (and back into negative territory) is also seen as a driver.

  • Looking ahead we have the release of ECB accounts, and US existing home sales leading the schedule.
  • TY1 futures are up 0-0+ today at 127-22 with 10y UST yields down -3.3bp at 1.833% and 2y yields down -2.1bp at 1.038%.
  • Bund futures are up 0.36 today at 169.74 with 10y Bund yields down -1.7bp at -0.31% and Schatz yields down -0.6bp at -0.585%.
  • Gilt futures are up 0.33 today at 122.61 with 10y yields down -2.7bp at 1.228% and 2y yields down -0.6bp at 0.892%.

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