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Risk-off mood drive Bund yields down almost 10bp

BONDS
  • This morning has seen some decent moves higher across core FI with a risk-off mood to markets.
  • Bunds are the biggest movers today with Bund futures hitting an intraday high of 131.67 (matching the high of the week seen on Monday). The German curve has bull flattened with 10-year Bund yields down almost 10bp on the day.
  • The gilt curve has seen a similar move (albeit on a smaller scale) with the disappointing UK retail sales helping drive the strongest open in a month (we have since faded off that level somewhat).
  • Eurozone final HICP data was in line with the flash print and didn't move the market while there are no other data releases or key speeches pencilled in for the rest of the day.
  • TY1 futures are up 0-16 today at 109-25 with 10y UST yields down -4.8bp at 4.230% and 2y yields down -1.8bp at 4.912%.
  • Bund futures are up 0.84 today at 131.46 with 10y Bund yields down -9.3bp at 2.614% and Schatz yields down -7.0bp at 3.030%.
  • Gilt futures are up 0.43 today at 919.93 with 10y yields down -6.7bp at 4.676% and 2y yields down -6.1bp at 5.194%.
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