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Germany outperforms UST/gilts as inflation fails to match yday's surprise

BONDS
  • The German curve is outperforming the UST and gilt curves this morning after first French inflation failed to see the same magnitude of upside surprise as yesterday's German and Spanish inflation data and then Italian inflation data saw a small downside surprise. The 2s10s German curve has largely moved in a parallel fashion.
  • Treasuries have drifted higher through the session with gilts opening higher after the French inflation data (and disappointing UK consumption / investment data in Q4) and remain above yesterday's close but have drifted a little lower through the session.
  • US data will take the mantle this afternoon with personal income / spending data, PCE, weekly claims data and the Chicago PMI all due for release.
  • TY1 futures are up 0-10+ today at 122-30+ with 10y UST yields down -1.4bp at 2.338% and 2y yields down -1.6bp at 2.293%.
  • Bund futures are up 0.71 today at 157.87 with 10y Bund yields down -3.8bp at 0.605% and Schatz yields down -3.3bp at -0.36%.
  • Gilt futures are up 0.26 today at 121.07 with 10y yields down -2.6bp at 1.638% and 2y yields down -2.6bp at 1.344%.
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