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BOND SUMMARY: Overnight headlines that the US and China are close to reaching a
trade deal have seen global bond markets sell off. Better than expected Chinese
and European services PMIs also contributed as did growing hopes for a softer
Brexit as PM May starts talks with Labour leader Corbyn today. Most of the moves
happened through the Asian or early European session. Eurozone services PMIs
come in better than expected but UK service PMI disappoint and fall to 48.9.
- TY1 futures are down 0-09 on the day at 123-15+ with 10y UST yields up 3.9bp
to 2.513% and 2y yields up 2.6bp to 2.329%.
- Bund futures are down 0.69 to 165.42 with 10y Bund yields up 3.6bp to -0.003%
(yields turned positive briefly earlier). Schatz yields are up 1.8bp to -0.591%.
Peripheral spreads have narrowed significantly this morning with GGB-Bund
spreads 8bp narrower and BTP-Bund spreads 7.7bp narrower.
- Gilt futures are down 0.78 to 128.55 with 2y yields up 3.5bp to 0.668% and 10y
yields up 6.5bp to 1.069%.
- Much of the sterling strip is 6-7.5 ticks lower with Euribor and Eurodollar
futures down 2.5-4 ticks.