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Some divergence in core FI

BONDS

Equities futures have moved higher but core fixed income has taken a more divergent path with Treasuries lower, Bunds higher and gilts little changed on the day.

  • Bunds started to grind higher around the time of the slightly weaker than expected Spanish and Italian service PMI prints but the PMIs were not necessarily the trigger with peripheral spreads tightening on the day (these would be expected to widen if the PMIs were the driver of Bunds).
  • Looking ahead we have the US trade balance, final print of the US services PMI and the ISM services print. However, most are looking ahead to the US labour market report on Friday to provide more direction.
  • TY1 futures are down -0-2+ today at 132-00 with 10y UST yields up 0.8bp at 1.488% and 2y yields up 0.2bp at 0.281%.
  • Bund futures are up 0.24 today at 170.35 with 10y Bund yields down -1.4bp at -0.229% and Schatz yields down -0.6bp at -0.724%.
  • Gilt futures are down -0.02 today at 125.44 with 10y yields down -0.2bp at 1.008% and 2y yields down -0.6bp at 0.395%.
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