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HUNGARY

NBH Opens The Door For Bigger Hikes

UK DATA

PMI: More focus on inflation

EUROPEAN DATA

PMI: "Survey-record price increases"

US-CHINA

Biden Commits To Taiwan Defence, Beijing Pushes Back

It has been a a choppy day for the.....>

GILT SUMMARY
GILT SUMMARY: It has been a a choppy day for the 10Y Mar-18 Gilt contract with
price swinging between 125.30-125.69 for the majority of the trading day. The
focus of the day remained on the Brussels Summit where EU leaders reached the
conclusion that sufficient progress had been made in order to move on to the
next phase of the talks.
- The yield curve has marginally flattened today and the 5-30Y spread is near
the lowest it has seen since Aug 2016.
- Later in the European afternoon Fox News reported that Marco Rubio is expected
to vote 'yes' on the tax bill. Although, this resulted in equities spiking
higher the reaction in the Gilt market remained fairly muted.
- 2-yr Gilt yield is -0.4bp at 0.442%, 5-yr -0.9bp at 0.702%, 10-yr -2.0bp at
1.154% and 30-yr -2.2at 1.710% according to Tradeweb.
- UK breakevens are mixed with the 5Y BE +0.8bp at 2.843%, 10Y BE +0.7bp at
3.021% and 30Y BE -1.3bp at 3.360%.