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More soft CPI data pulls core FI higher

BONDS
  • Core fixed income is higher this morning, with EGBs seeing the biggest moves in 10-year space. The moves were driven by a soft French inflation print with HICP falling 0.1%M/M and the Y/Y print falling 0.4ppt to 6.7% (instead of the 0.2ppt expected increase to 7.3%Y/Y that consensus had penciled in). This followed a soft German HICP print yesterday and a slightly weak Spanish HICP print last week.
  • Bund futures hit a high of 136.46 around 8:30GMT/9:30CET - around 45 minutes after the release of the French data. They have since come off their highs a little but remain over 100 ticks higher on the day and over 300 ticks higher YTD.
  • Gilts have been following Bunds higher but futures remain below yesterday's highs. 2-year gilt yields, however, have moved more than 10bp on the day.
  • In contrast the moves seen in Treasuries are smaller, but futures have still hit their highs of the year.
  • Looking ahead we have US ISM manufacturing data, JOLTS and the FOMC Minutes due later today.
  • TY1 futures are up 0-21 today at 113-09+ with 10y UST yields down -4.9bp at 3.692% and 2y yields down -2.6bp at 4.346%.
  • Bund futures are up 1.03 today at 136.11 with 10y Bund yields down -8.8bp at 2.296% and Schatz yields down -6.1bp at 2.609%.
  • Gilt futures are up 0.89 today at 101.37 with 10y yields down -8.1bp at 3.567% and 2y yields down -10.1bp at 3.454%.
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