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Volatile start to the day

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  • It has been a relatively volatile start to the day with core fixed income continuing Friday's moves higher, and helped by a Chinese growth target announcement of "around 5%", towards the bottom of expectations. We have also had some relatively dovish comments from ECB's Centeno, but overall the rally doesn't really seem to be driven by headlines this morning. Lane has also said this morning that there are some signs of inflation easing but that there are still strong inflationary pressures.
  • Looking ahead we will receive US factory orders data this week while the main event of the week will be the US employment report on Friday.
  • TY1 futures are up 0-9 today at 111-12 with 10y UST yields down -4.1bp at 3.914% and 2y yields down -2.3bp at 4.836%.
  • Bund futures are up 0.92 today at 131.72 with 10y Bund yields down -6.9bp at 2.642% and Schatz yields down -1.7bp at 3.184%.
  • Gilt futures are up 0.77 today at 100.39 with 10y yields down -4.8bp at 3.799% and 2y yields down -0.6bp at 3.676%.
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  • It has been a relatively volatile start to the day with core fixed income continuing Friday's moves higher, and helped by a Chinese growth target announcement of "around 5%", towards the bottom of expectations. We have also had some relatively dovish comments from ECB's Centeno, but overall the rally doesn't really seem to be driven by headlines this morning. Lane has also said this morning that there are some signs of inflation easing but that there are still strong inflationary pressures.
  • Looking ahead we will receive US factory orders data this week while the main event of the week will be the US employment report on Friday.
  • TY1 futures are up 0-9 today at 111-12 with 10y UST yields down -4.1bp at 3.914% and 2y yields down -2.3bp at 4.836%.
  • Bund futures are up 0.92 today at 131.72 with 10y Bund yields down -6.9bp at 2.642% and Schatz yields down -1.7bp at 3.184%.
  • Gilt futures are up 0.77 today at 100.39 with 10y yields down -4.8bp at 3.799% and 2y yields down -0.6bp at 3.676%.