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BONDS: No clear drivers for European FI despite higher Spain inflation

BONDS
BulletMarketsFixed Income Bullets
  • There's no overarching driver for European fixed income this morning. The main event has been the release of Spanish inflation - which came in a couple of tenths above consensus.
  • EGBs have seen curve flattening with 2-year yields marginally higher (as are Whites and some Red Euribor futures) but the bigger (yet still rather limited) moves have been further out the curve with 10-year Bunds (and other 10-year EGBs) moving off their early morning / late Friday lows.
  • Gilts have in contrast seen a more parallel move in curves with yields around 1.1-1.6bp lower on the day at writing.
  • The moves higher for core FI around the 10-year area come as European stock markets move off some of their early lows (although US markets, Eurostoxx and the FTSE100 are all still lower on the day).
  • Gilt futures are up 0.05 today at 91.89 with 10y yields down -1.1bp at 4.620% and 2y yields down -1.6bp at 4.432%.
  • Bund futures are down -0.01 today at 133.01 with 10y Bund yields down -0.9bp at 2.386% and Schatz yields up 0.3bp at 2.095%.
  • BTP futures are up 0.03 today at 119.88 with 10y yields down -1.6bp at 3.525% and 2y yields up 0.3bp at 2.417%.
  • OAT futures are down -0.03 today at 123.22 with 10y yields down -1.1bp at 3.199% and 2y yields up 0.1bp at 2.280%.
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  • There's no overarching driver for European fixed income this morning. The main event has been the release of Spanish inflation - which came in a couple of tenths above consensus.
  • EGBs have seen curve flattening with 2-year yields marginally higher (as are Whites and some Red Euribor futures) but the bigger (yet still rather limited) moves have been further out the curve with 10-year Bunds (and other 10-year EGBs) moving off their early morning / late Friday lows.
  • Gilts have in contrast seen a more parallel move in curves with yields around 1.1-1.6bp lower on the day at writing.
  • The moves higher for core FI around the 10-year area come as European stock markets move off some of their early lows (although US markets, Eurostoxx and the FTSE100 are all still lower on the day).
  • Gilt futures are up 0.05 today at 91.89 with 10y yields down -1.1bp at 4.620% and 2y yields down -1.6bp at 4.432%.
  • Bund futures are down -0.01 today at 133.01 with 10y Bund yields down -0.9bp at 2.386% and Schatz yields up 0.3bp at 2.095%.
  • BTP futures are up 0.03 today at 119.88 with 10y yields down -1.6bp at 3.525% and 2y yields up 0.3bp at 2.417%.
  • OAT futures are down -0.03 today at 123.22 with 10y yields down -1.1bp at 3.199% and 2y yields up 0.1bp at 2.280%.