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Mixed start to big week

BOND SUMMARY

It's a blockbuster week with the US election as well as FOMC and BOE MPC policy decisions.

  • The week has started on a mixed note with Treasuries and Bunds lower as risk appetite recovers somewhat but gilts have moved higher after the UK lockdown was announced over the weekend (and had been less telegraphed ahead of the market close on Friday than the lockdowns that had already been announced around the Eurozone).
  • PMIs this morning have helped sentiment with some small upside surprises and with firms sounding fairly optimistic about the year-ahead outlook despite increasing Covid-19 cases near-term.
  • TY1 futures are flat today at 138-07 with 10y UST yields down -1.0bp at 0.865% and 2y yields down -0.2bp at 0.153%.
  • Bund futures are down -0.16 today at 175.99 with 10y Bund yields up 1.0bp at -0.618% and Schatz yields unch at -0.798%.
  • Gilt futures are up 0.13 today at 135.81 with 10y yields down -1.4bp at 0.246% and 2y yields down -1.7bp at -0.55%.
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