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Gilts underperform after better labour market data

BONDS

Gilts are underperforming Treasuries and Bunds on the back of the better-than-expected UK labour market data. 10-year gilt yields have fallen around 3.5bp, around 1bp less than Bunds and 1.7bp less than USTs.

  • Yesterday's pattern of the gilt curve seeing parallel moves while the Treasury curve sees a higher beta on 2s than 10s and the German curve sees a lower beta on 2s than 10s remains instact. This has meant we have seen a bull steepening of the UST curve and a bull flattening of the German curve.
  • We have a relatively busy data calendar today with the German ZEW and US PPI the highlights. We also have Eurozone industrial production, US Empire manufacturing and US TIC flow data due today.
  • TY1 futures are up 0-13 today at 125-07 with 10y UST yields down -4.7bp at 2.088% and 2y yields down -6.2bp at 1.801%.
  • Bund futures are up 0.70 today at 161.91 with 10y Bund yields down -4.0bp at 0.325% and Schatz yields down -3.2bp at -0.387%.
  • Gilt futures are up 0.44 today at 121.84 with 10y yields down -3.0bp at 1.562% and 2y yields down -3.1bp at 1.347%.
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