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Yields spike!

BONDS
  • A busier afternoon session, but volumes stay really low, Bund trades in a 103 ticks range with only 463k lots traded at the time of typing, way below averages.
  • Yields spiked, although Bund is still short of the 2.75% level.
  • US 10yr tested 2.70%, BTP Italian 10yr yield tested 2.40%.
  • French 10yr yield tested highest level since 17/07/15, at 1.289%.
  • Yield are off their peaks, on receiving interest and likely position squaring going into the weekend, as we head towards the end of the session for Europe.
  • Peripheral spreads are all wider, with Greece now in the lead, by 4.9bps.
  • Gilt traded through the support at 119.75 123.6% retracement of the Feb 15 - Mar 1 climb., but fell short of 119.36 Low Oct 10 2018 (cont), and printed a 119.55 low.
  • Looking ahead, after market, sees rating from Austria and Finland by Fitch, and Cyprus by DBRS.
  • Possibly Ukraine (Moody's) and Romania (Fitch).
  • Most of the attention though, turns to the US CPI and the ECB next week.
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