No meaningful reaction to the U.S. housing market data
Cross-market cues dominate, with little of note on the news front over the last few hours.
The recovery from session lows in equities continues to push core global FI markets away from session highs.
Market participants are still assessing the risks posed to U.S. tech by Chinese startup DeepSeek.
U.S. Tsys remain the outperformer amongst core global FI markets,
EGB spreads to Bunds still wider on the day but narrow from session highs as equities recover.
MNI: US DEC NEW HOME SALES +3.6% TO 0.698M SAAR
Jan-27 15:00
MNI: US DEC NEW HOME SALES +3.6% TO 0.698M SAAR
US NOV NEW HOME SALES REVISED TO 0.674M SAAR
BOE APF SALES RESULTS: Majority of sales are of the 4.25% Dec-55 gilt
Jan-27 14:55
Note that the majority of the sales were of the 4.25% Dec-55 gilt (with all gilts sold today having a maturing in excess of 30-years).
There were also very low offers for any gilts in the 20-29 year area. So there was a decent bid-to-cover of 1.98x for the operation as a whole, but all the demand is 30+ year.