EUROPEAN FIXED INCOME UPDATE: Bunds and OATs soar post-PMIs
Analysis details (11:13)
Very little doubt about the catalysts behind the resurgence in core Eurozone debt, but the magnitude of the latest recovery rally in response to the weaker than forecast PMIs may well have surprised more than a few market participants. Indeed, Bunds and their French peers continue to extend to the upside following brief interludes and pauses for breath and have been up to 147.89 and 138.21 respectively (+261 and +232 ticks on the day), with periphery counterparts tagging along and Gilts and US Treasuries also on board for the ride. Note, the 10 year UK bond topped out at 113.36 (99 ticks over par) and T-note at 117-16 (½ point+ vs Wednesday’s close).
23 Jun 2022 - 11:12- Fixed IncomeResearch Sheet- Source: Newsquawk
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