EUROPEAN FIXED INCOME UPDATE: bond bulls take a breather
Analysis details (10:40)
It remains to be seen whether the latest bout of corrective price action in debt futures proves fleeting or more prolonged and Thursday’s agenda could be key in terms of determining their fate given top tier and timely US data in the form of jobless claims, the final refunding leg and more Fed speak. However, for now it appears that the air was too rarified when Bunds got a tad closer to 131.00, Gilts pushed further beyond 96.00 and the T-note extended above 108-00 to the point where the 10 year yield probed 4.50%. Hence, the respective benchmarks have recoiled from 130.93 to 130.39, 96.14 to 95.35 and 108-17 to 108-04 before finding underlying bids and curves have re-steepened marginally.
09 Nov 2023 - 10:40- Research Sheet- Source: Newsquawk
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