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EQUITIES

Drifting lower since the Cash Govie open

EQUITIES

Drifting lower since the Cash Govie open

GOLD TECHS

Support Still Appears Exposed

HUNGARY

NBH To Hike Its 1W Depo Rate By 50Bps

BUNDS

Buying interest since the cash open

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UST 5-year yields surpass 2018 highs

BONDS
  • Treasuries have moved to new cycle lows with 10-year yields now just 7.5bp off the 2018 highs while 5-year yields have surpassed their 2018 highs and are now at their highest levels since 2008. 10-year gilt yields have also reached cycle highs (highest levels since 2015) while 10-year Bund yields hit their highest level since 2014.
  • Despite yields hitting new highs, the moves have been rather gradual, and have actually been at odds with the downward moves seen in equity markets.
  • There has been some focus on Putin's comments during his Victory Day Parade speech today but he said little new. Hhe failed to declare a full mobilisation, but has not said Russia will back down - meaning potential for an extended campaign in Ukraine. He also said that Russia acted as the West was going to invade Russian land.
  • There is little on the data calendar today and the only notable scheduled speech is at 14:00BST / 9:00ET from BOE's Saunders.
  • TY1 futures are down -0-11 today at 117-14+ with 10y UST yields up 5.3bp at 3.184% and 2y yields down -1.2bp at 2.724%.
  • Bund futures are up 0.21 today at 151.15 with 10y Bund yields up 0.7bp at 1.136% and Schatz yields down -4.0bp at 0.272%.
  • Gilt futures are down -0.25 today at 117.32 with 10y yields up 3.3bp at 2.027% and 2y yields down -2.2bp at 1.465%.
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  • Treasuries have moved to new cycle lows with 10-year yields now just 7.5bp off the 2018 highs while 5-year yields have surpassed their 2018 highs and are now at their highest levels since 2008. 10-year gilt yields have also reached cycle highs (highest levels since 2015) while 10-year Bund yields hit their highest level since 2014.
  • Despite yields hitting new highs, the moves have been rather gradual, and have actually been at odds with the downward moves seen in equity markets.
  • There has been some focus on Putin's comments during his Victory Day Parade speech today but he said little new. Hhe failed to declare a full mobilisation, but has not said Russia will back down - meaning potential for an extended campaign in Ukraine. He also said that Russia acted as the West was going to invade Russian land.
  • There is little on the data calendar today and the only notable scheduled speech is at 14:00BST / 9:00ET from BOE's Saunders.
  • TY1 futures are down -0-11 today at 117-14+ with 10y UST yields up 5.3bp at 3.184% and 2y yields down -1.2bp at 2.724%.
  • Bund futures are up 0.21 today at 151.15 with 10y Bund yields up 0.7bp at 1.136% and Schatz yields down -4.0bp at 0.272%.
  • Gilt futures are down -0.25 today at 117.32 with 10y yields up 3.3bp at 2.027% and 2y yields down -2.2bp at 1.465%.