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Lack of Brexit progress and new Covid-19 strain hit risk appetite

BOND SUMMARY
  • Risk-off has been the theme of the morning with concerns about the new more virulent Covid-19 strain in the UK and another missed Brexit deadline. Unsurprisingly, gilts have been the outperformers this morning with much of the bad news originating in the UK.
  • Brexit headlines still have the potential to be market moving, but there has not been much significant movement since the moves higher in core fixed income at the open.
  • In line with the risk-off sentiment, peripheral spreads are wider.
  • It's a pretty light day on the data calendar today with no Fed/ECB/BoE speakers scheduled.
  • TY1 futures are up 0-11+ today at 138-03+ with 10y UST yields down -5.0bp at 0.899% and 2y yields down -1.0bp at 0.112%.
  • Bund futures are up 0.63 today at 178.29 with 10y Bund yields down -3.9bp at -0.613% and Schatz yields down -1.5bp at -0.749%.
  • Gilt futures are up 0.78 today at 135.74 with 10y yields down -7.5bp at 0.172% and 2y yields down -5.7bp at -0.150%.
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