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Gilt keeps the pressure on EGBs

BONDS
  • Bund initially closed its opening gap up to 128.45 in early trade, printed a 128.50 high.
  • The contract has since fallen back towards 128.00, which at the time of typing has held, printed a 128.00 low. Gilt is leading Bond lower this morning, helping, the Gilt/Bund spread wider.
  • After testing its tightest level since May on the 22th September, Desks have favoured fading just ahead of the 150.00bps Psychological support, now back above 160.00bps.
  • Core and semi core spread are mixed against the German 10yr, Portugal is 0.6bp wider, while Greece is 1.6bps tighter.
  • US Treasuries have mostly traded in line with EGBs, albeit 1bp wider the US/German 10yr spread.
  • Focus in the Tnotes/Bund spread is at the 176.45bps resistance, the September high, and the widest print since November, now trading at 174.3bps.
  • Looking ahead, US final Manufacturing PMI and US ISM are the notable data.
  • Speakers include, BoE Mann, Fed Powell, Harker, Williams.
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