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Retracing the retracement

BOND SUMMARY

After strength seen towards the end of yesterday's session and overnight, core fixed income has been steadily moving lower today.

  • Bunds and gilts almost moved back to the levels of Tuesday's open but Bunds have retraced around 1/3 of the move higher and gilts around 1/2.
  • Equity futures are mixed across Europe but generally lower in the US. Peripheral spreads are generally flat or tighter on the day (with BTP-Bund spreads the biggest movers).
  • We have seen a decent amount of supply this morning already with France and Spain selling more than E15bln combined already and with French linkers still to be sold.
  • Looking ahead housing data and weekly claims are the highlights of the data calendar. We will receive the Accounts of the January ECB meeting and have speeches from BOE's Saunders, Fed's Brainard and Bostic.
  • TY1 futures are up 0-3 today at 135-27 with 10y UST yields up 1.4bp at 1.286% and 2y yields up 0.4bp at 0.110%.
  • Bund futures are down -0.17 today at 174.87 with 10y Bund yields up 1.2bp at -0.357% and Schatz yields up 0.5bp at -0.697%.
  • Gilt futures are down -0.34 today at 130.97 with 10y yields up 3.3bp at 0.604% and 2y yields up 1.1bp at -0.42%.
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