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Risk-on start to the week

BOND SUMMARY

It's been a risk-on start to the week with equities higher across the Eurozone in particular but also across most of Asia and the US. Core fixed income has sold off as a result but continues to trade within Friday's range.

  • There are a few central bank speakers scheduled for later today including ECB's Lagarde and BOE's Bailey but the focus this week will be on Brexit negotiations. The ninth official round of talks will begin tomorrow, culminating in a meeting of the chief negotiators on Friday. There is a slightly more optimistic tone than in some recent talks but there still appears a long way to go on a short deadline, with PM Boris Johnson stating that he hopes to get a deal signed off at the European Summit on 15-16 October otherwise no deal will be the default position.
  • TY1 futures are down -0-2+ today at 139-18 with 10y UST yields up 1.2bp at 0.668% and 2y yields up 0.1bp at 0.132%.
  • Bund futures are down -0.20 today at 174.47 with 10y Bund yields up 1.2bp at -0.518% and Schatz yields up 0.4bp at -0.708%.
  • Gilt futures are down -0.23 today at 136.30 with 10y yields up 1.6bp at 0.203% and 2y yields up 0.1bp at -0.72%.
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