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Gilts underperform in a less volatile day

BOND SUMMARY
  • After a couple of relatively volatile days in core fixed income markets, today has been a lot more stable. Equities have generally moved lower but both Treasuries and Bunds have also moved a little lower while peripheral spreads are generally unchanged.
  • The one outlier has been gilts - downside momentum has continued despite little news on the Brexit front. Our technical analyst notes that we are approaching another support level - the 76.4% retracement of the Oct 7-16 rally which comes in at 135.51.
  • With a fairly light data calendar, any Brexit or US fiscal developments will be closely watched.
  • TY1 futures are down -0-1 today at 138-17+ with 10y UST yields down -1.2bp at 0.812% and 2y yields down -0.1bp at 0.148%.
  • Bund futures are down -0.17 today at 175.54 with 10y Bund yields up 0.3bp at -0.586% and Schatz yields down -0.4bp at -0.783%.
  • Gilt futures are down -0.39 today at 135.56 with 10y yields up 2.7bp at 0.267% and 2y yields up 1.5bp at -0.39%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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