BONDS: Core FI bull steepening
May-26 09:44
- Small risk-off feeling to markets today, with core fixed income markets bull steepening as rate expectations get pared back.
- Very little in the way of market-moving headlines this morning or data, except for the UK where it has been confirmed that Chancellor Sunak will make a statement at 12:30BST where he is expected to outline the government's updated cost of living strategy (see the Gilt bullet).
- Speakers: Most are scheduled for the tail end or after the European session with ECB's Centeno and Fed's Brainard and Daly all due.
- Data: Second print of US GDP as well as pending home sales and the Kansas City Fed manufacturing index.
- TY1 futures are up 0-6+ today at 120-25+ with 10y UST yields down -1.3bp at 2.734% and 2y yields down -2.7bp at 2.468%.
- Bund futures are up 0.33 today at 154.25 with 10y Bund yields down -2.8bp at 0.921% and Schatz yields down -3.8bp at 0.292%.
- Gilt futures are down -0.24 today at 118.37 with 10y yields up 2.2bp at 1.930% and 2y yields up 0.8bp at 1.424%.
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AUSTRIA AUCTION RESULTS: 3/9-month ATBs
Apr-26 09:16
| Type | 3-month ATB | 9-month ATB |
| Maturity | Jul 28, 2022 | Jan 26, 2023 |
| Allotted | E1bln | E855mln |
| Previous | E877mln | |
| Amount | E1bln | E1bln |
| Target | E1bln | E1bln |
| Previous | E1bln | |
| Avg yield | -0.650% | -0.235% |
| Previous | -0.650% | |
| Bid-to-cover | 2.67x | 1.67x |
| Previous | 2.01x | |
| Bid-to-offer | 2.67x | 1.43x |
| Previous | 1.76x | |
| Previous date | Jan 25, 2022 |
EQUITIES: Steadying Ahead Of Busy Earnings Slate
Apr-26 09:14
- Asian stocks closed mixed: Japan's NIKKEI closed up 109.33 pts or +0.41% at 26700.11 and the TOPIX ended 1.99 pts higher or +0.11% at 1878.51. China's SHANGHAI closed down 42.086 pts or -1.44% at 2886.426 and the HANG SENG ended 65.37 pts higher or +0.33% at 19934.71
- European equities are a little higher, with the German Dax up 162.61 pts or +1.17% at 14046.13, FTSE 100 up 44.46 pts or +0.6% at 7410.23, CAC 40 up 41.11 pts or +0.64% at 6454.95 and Euro Stoxx 50 up 40.03 pts or +1.07% at 3785.1.
- U.S. futures are a little lower but off overnight's worst levels, with the Dow Jones mini down 80 pts or -0.24% at 33883, S&P 500 mini down 7.5 pts or -0.17% at 4285.25, NASDAQ mini down 15.5 pts or -0.11% at 13520.25.
ITALY AUCTION RESULTS: BTP-ST / BTPei
Apr-26 09:13
| 0% Nov-23 BTP Short Term | 0.65% May-26 BTPei | |
| ISIN | IT0005482309 | IT0005415416 |
| Amount | E2.75bln | E1bln |
| Previous | E2bln | E591mln |
| Avg yield | 0.480% | -1.520% |
| Previous | 0.140% | -1.180% |
| Bid-to-cover | 1.60x | 1.44x |
| Previous | 1.73x | 2.12x |
| Price | 99.25 | 109.10 |
| Previous | 99.77 | 108.12 |
| Pre-auction mid | 99.236 | 109.080 |
| Previous | 99.751 | 107.995 |
| Previous date | 25-Mar-22 | 26-Jan-22 |
