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Large Bund condor

BONDS

Gilt/Bund spread wider so far today

GILT SYNDICATION

Inaugural green gilt 0.875% Jul-33 books open

SEK

Muted reaction to Riksbank

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At first glance it looks like a lot of the factors that weighed on retail sales growth seemed to be directly linked to the regional COVID-related lockdowns witnessed in China, with sales for the likes of clothing, communication equipment, household appliances and daily use goods falling in Y/Y terms (you would argue that lower footfall in stores would hamper sales of such goods). Catering services also saw a Y/Y fall. Elsewhere, automobile sales continued to provide a point of weakness, seeing the biggest Y/Y fall since June '20.