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U.S. Car Price Data Helps Stabilise EGBs & Gilts

EGBS

Gilts and Bunds have benefited from a bid in U.S. Tsys, which was at least partially derived from the previously outlined move lower in the Manheim used car auction pricing data (which has seen a more notable following in post-pandemic times when it comes to monitoring U.S. inflation dynamics). Gilt futures failed to breach existing session highs on the move before backing off to last trade little changed on the day, while wider cash Gilt trade sees 3.5bp of richening to 1.5bp of cheapening as the curve twist steepens. Bund futures have also failed to top existing session highs and last trade -10 or so, while wider German cash trade sees the major benchmarks running little changed to 1.5bp cheaper as the curve bear flattens.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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