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Weak Tone With U.S. Out

BONDS

Core bonds weakened in a US holiday-thinned trading session Monday as equities gained, with Gilts underperforming Bunds. Europe cash yields closed near session highs.

  • Yields on the German curve moved higher in parallel; the UK belly outperformed on the curve. Greece underperformed on the periphery.
  • Tsy futures fell in overnight Asia-Pac trade but spent most of the rest of the session edging higher, albeit all on low volumes (~360k traded by 1230ET, close at 1300ET), with cash trading closed.
  • Focus turns to the BoJ decision overnight and UK jobs and German data Tuesday.

Closing Prices/ Yields / 10-Yr Periphery EGB Spreads To Germany:

  • Mar 10-Yr futures (TY) down 13.5/32 at 127-24.5 (L: 127-20.5 / H: 128-01.5)
  • Germany: The 2-Yr yield is up 1.2bps at -0.571%, 5-Yr is up 1.4bps at -0.35%, 10-Yr is up 1.6bps at -0.03%, and 30-Yr is up 1.3bps at 0.265%.
  • UK: The 2-Yr yield is up 3.3bps at 0.829%, 5-Yr is up 2bps at 0.99%, 10-Yr is up 2.9bps at 1.179%, and 30-Yr is up 3.1bps at 1.286%.
  • Italian BTP spread down 0.1bps at 131.8bps / Greek up 5.2bps at 163.2bps
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com

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