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Off the highs a little but still up on the day

BONDS
  • The risk-off move first triggered by Target's earnings miss yesterday which triggered concerns about stagflation in the US (and more globally) continued through the overnight session to a lesser extent, but the pace of the move has picked up in the European morning session.
  • Bund futures hit a high of 154.00 earlier this morning and are now up around 70 ticks at 153.60.
  • Gilt futures hit a high of 119.82 and are now up around 30 ticks on the day at 119.45.
  • TY1 futures hit a high of 119-24 and remain close to theat level at 119-23 (up 0-09 on the day).

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