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Take their cue from Equities

BONDS
  • Bund continues to take it cue from the latest Risk On rally.
  • Estoxx futures is through a 10 days session high.
  • Some of the momentum has been help by the big rally in Chinese Equities, following couple of Chinese headlines " China vows to support overseas share listings", "China keeps good dialogue with U.S. regulators over ADRs.
  • Peripherals are all tighter, with Greece in the lead, by 3.1bps.German 10yr yield is back at the highest level since 19/11/18.
  • Similar price action for the Gilt, although the contract trades off the lows, but is still down 41 ticks at the time of typing.
  • The 10yr Yield also tested highest level since October 2018.
  • Gilt/Bund spread is 1.1bp tighter.US Treasuries have followed suit and are off their lows, but still seeing continued divergence against Europe, ahead of the FOMC.
  • Looking ahead, all of the focus is on the FOMC and presser.
  • On the data front, US Retail sales is the notable release.
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