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Gilts outperform after disappointing UK services PMI

BONDS
  • Gilts are the outperformers this morning after a disappointing UK services PMI print which did little to alter pricing ahead of the upcoming February MPC meeting of 45bp, but pushed down terminal rate pricing in August from 104bp to around 99bp at the time of writing. This has helped the gilt curve to bull steepen with 2-year gilt yields down 6.6bp on the day at writing.
  • French, German and Eurozone PMI prints were more mixed with the German curve moving higher, too, and dragging the UST curve with it.
  • Looking ahead we have the UK CBI industrial trends report, the US flash PMI and the Richmond Fed manufacturing index.
  • TY1 futures are up 0-6+ today at 114-28+ with 10y UST yields down -2.2bp at 3.493% and 2y yields down -1.1bp at 4.217%.
  • Bund futures are up 0.15 today at 138.12 with 10y Bund yields down -2.6bp at 2.176% and Schatz yields down -1.6bp at 2.568%.
  • Gilt futures are up 0.49 today at 104.73 with 10y yields down -5.6bp at 3.302% and 2y yields down -7.0bp at 3.364%.
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