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Gilts and Bunds Play Catch Up

BOND SUMMARY
  • Gilts and Bunds are higher on the day, largely catching up with the risk off moves seen in the US afternoon session yesterday rather than anything specifically driving today. Indeed, a similar story can be seen in equities with European markets lower but US futures higher on the day so far.
  • We have had a number of ECB speakers this morning, most notably Lane who said that the appreciation of the euro has "significantly muted" inflation - comments that were in line with yesterday's press conference.
  • UK activity data was broadly in line with expectations for July with services a bit weaker but manufacturing and construction both stronger than expected.
  • The calendar for the rest of the day sees more ECB speakers, US CPI and we will be on the lookout for any further headlines regarding Brexit talks and the Internal Markets bill.
  • Gilt futures are up 0.45 today at 136.34 with 10y yields down -2.6bp at 0.200% and 2y yields down -1.4bp at -0.127%.
  • Bund futures are up 0.65 today at 173.76 with 10y Bund yields down -3.4bp at -0.468% and Schatz yields down -1.8bp at -0.691%.
  • BTP futures are up 0.27 today at 145.48 with 10y yields down -1.7bp at 0.990% and 2y yields down -0.7bp at -0.126%.
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