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Mixed day for markets

BOND SUMMARY

A mixed day for markets as equities have moved higher while core fixed income is largely unchanged after some moves higher earlier this morning.

  • Focus today will be on UK politics and the reaction from Europe as the full internal markets bill is due to be published this afternoon. The bill breaks international law by changing the Withdrawal Agreement Bill and will not help with negotiations between the EU and UK on a trade agreement that continue through this week.
  • Elsewhere, the market has largely shrugged off the news that the trials of the Oxford covid-19 vaccine are being paused, after fixed income saw a bid earlier in the session.
  • Today's calendar is fairly light ahead of tomorrow's ECB meeting with JOLTs the only notable data release (the Bank of Canada also meet today).
  • TY1 futures are up 0-2+ today at 139-15 with 10y UST yields down -0.7bp at 0.673% and 2y yields down -0.1bp at 0.142%.
  • Bund futures are up 0.07 today at 174.32 with 10y Bund yields down -0.7bp at -0.503% and Schatz yields down -0.3bp at -0.714%.
  • Gilt futures are down -0.08 today at 136.55 with 10y yields down -0.6bp at 0.181% and 2y yields down -0.2bp at -0.140%.
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