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Waiting patiently

BOND SUMMARY
  • The European morning session has been uneventful with only tier two data and little to change sentiment surrounding Brexit negotiations. As we wrote earlier, fishing is seemingly the last major obstacle to an EU-UK trade deal but still proving contentious. Overnight reports have stated that rather than negotiating with Barnier, Johnson is now negotiating directly with von der Leyen who is in frequent contact with EU Heads of State. There is still hope that a deal can be agreed before Christmas although we are now also starting to see some comments from senior officials that talks can continue until the end of the year, or even in January if necessary.
  • Elsewhere, there will be some focus on the US data today with personal income/spending, durable goods and weekly claims amongst the highlights of the release. In terms of US fiscal stimulus talks, Trump may be holding up agreeing to the plans as he favours larger checks for individuals.
  • TY1 futures are down -0-1 today at 137-30+ with 10y UST yields up 0.3bp at 0.921% and 2y yields unch at 0.117%.
  • Bund futures are up 0.22 today at 178.15 with 10y Bund yields down -0.9bp at -0.606% and Schatz yields unch at -0.743%.
  • Gilt futures are up 0.09 today at 135.68 with 10y yields down -0.5bp at 0.176% and 2y yields down -0.2bp at -0.157%.
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