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China Repo Rates Rise Friday

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BOND SUMMARY: Risk is on the backfoot today with equities continuing their moves
lower across Europe this morning and core bonds moving higher globally. There
have been no real new drivers of the moves.
- There has not been much of note on the data calendar today so far but US
initial and continuing claims will be the highlight later today.
- We will also hear from the Bank of England Governor Andrew Bailey who speaks
at a conference (some time after 11:30BST with no confirmed time for his
appearance). His comments will be closely watched after Deputy Governor
Broadbent's comment on Tuesday suggested that the BOE was not ruling out
negative rates. Elsewhere in the UK we will also hear an update from the OBR
about the expected impact of Covid-19 on the public finances on a monthly basis
rather than just for the fiscal year as a whole.
- TY1 futures up 0-4+ today at 139-11+, 10y UST yields down -3.2bp at 0.621%, 2y
yields down -0.3bp at 0.158%. Bund futures up 0.15 at 173.78, 10y Bund yields
down -0.5bp at -0.538%, Schatz yields down -0.2bp at -0.751%. Gilt futures up
0.22 at 138.11, 10y yields down -0.4bp at 0.202%, 2y yields up 0.4bp at -0.35%.

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