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Gilts lead the way lower

BONDS
  • Gilts the biggest underperformers this morning with higher-than-expected UK wage data the biggest driver across core FI space this morning.
  • Gilt futures are currently breaking to their lows of the day - with an intraday low of 92.52 recorded at the time of writing, the lowest since July 11. The gilt curve remains in bear flattening mode.
  • The German curve has seen a more parallel move - with Bund futures having hit a low of 130.75 this morning, the lowest level since July 10.
  • TY1 futures have also broken below yesterday's low and in the process breached the 109-24 low of August 4. We are now trading at levels not seen since November 2022. The curve has bear steepened with 2-year UST yields only 1.0bp higher at writing.
  • The highlights for today's session will be the German ZEW survey, US retail sales, Canadian CPI and US TIC flow data. In addition there will be a 15-year German auction and Schatz auction this morning.
  • TY1 futures are down -0-8+ today at 109-23+ with 10y UST yields up 2.9bp at 4.222% and 2y yields up 1.0bp at 4.980%.
  • Bund futures are down -0.51 today at 130.76 with 10y Bund yields up 4.8bp at 2.683% and Schatz yields up 5.0bp at 3.118%.
  • Gilt futures are down -0.62 today at 925.56 with 10y yields up 6.1bp at 4.624% and 2y yields up 8.4bp at 5.144%.
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