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Strong start for core FI on no-deal Brexit and Covid-19 concerns

BONDS
  • It has been a risk-off start to the day with Bund futures at 178.28 , 62 ticks higher than last week's close at the time of writing with peripheral spreads widening as concerns about both a no-deal Brexit and a new more contagious variant of Covid-19 drive risk-off sentiment across markets.
  • Our technical analyst notes that the next resistance level comes in at 178.31, the December 16 high with the December 11 high of 178.77 above this.
  • Gilts are not due to open for another half hour or so but Dec-21 short sterling futures are up 3.5 ticks on the open at 100.055 (the recent high is 100.090 seen on 11 December).
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