http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-20.htmlMarkets: Fixed Income On Friday, Global bonds profited from a correction in equity markets, but only cautiously though. Gains were indeed modest, as yield changes illustrate. US yields fell by 2-to-4 basis points, the short end favoured because of the equity losses. In EMU, German yields were down around 1.5-to-2 basis points. Indeed, technicals (resistances 119-29 T-Note future and 122.44 Bund future), stronger data and the fact that equities plunged sharply after the US opening, but steadiedFri, 20 Nov 2009 08:12:24 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-19.htmlMarkets: Fixed Income On Wednesday, European bonds traded essentially sideways, closing nearly unchanged. US Treasury trading was dominated by curve positioning and the presence of technical resistance (119-29 T-Note future), leaving the curve steeper in the close, unwinding part of the flattening that took place in previous days. US 2-year yields dropped 1.6 basis points, while 5-year yields were up 2.7 basis points and the 10- & 30-year yields increased 4 basis points. Intra-EMU yieldThu, 19 Nov 2009 08:03:24 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-18.htmlMarkets: Fixed Income On Tuesday, global bonds consolidated previous gains in a relatively calm session. In the US, yields dropped 1-to-2 basis points in a daily perspective. In EMU, German yields fell somewhat more between 0.2 and 5.8 basis points, leaving the curve a lot flatter. The unwinding of steepeners in the euro area caught up with developments in the US. Bonds ignored the intra-day gyrations of equities, were little affected by central bank talk, but may have profited from someWed, 18 Nov 2009 08:12:25 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-17.htmlMarkets: Fixed Income On Monday, global bonds had a strong run despite surging equities &, commodities, declining corporate spreads and plunging swap spreads, all typically reflationary trades. Bonds did already well from the start of trading, but received a boost following the speech of Bernanke, in which he sounded very cautious, even a bit pessimistic on the outlook for the economy (see lower). The chairman backed up his cautious tone by repeating that rates could stay exceptionally lowTue, 17 Nov 2009 08:45:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-16.htmlMarkets: Fixed Income On Friday, bond trading remained lacklustre leaving yields little changed in the end. The price action was mostly inspired by curve trades. In the US, traders and investors were happy as the refunding operation had ended and took some profit on steepeners that were (partially) initiated ahead of the refunding operation. On the contrary, in the EMU area, the steepening continued which brought the 2-to-10-year yield spread still a bit closer to cycle highs. The EMU eco dataMon, 16 Nov 2009 08:16:15 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-13.htmlMarkets: Fixed Income On Thursday, global bonds had again a quiet run, only modestly impacted by weaker equities, stronger initial claims, ECB talk and a disappointing US 30-year bond auction. This resulted in the US yields dropping 1.6 to 3.7 basis points in a daily perspective, the belly outperforming the wings marginally. In EMU, the curve steepened further with the 2-year German yield down 1.4 basis points, while 5, 10 and 30-year yields ended up by 0.7, 1.9 and 2.5 basis points. IntradayFri, 13 Nov 2009 08:20:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-12.htmlMarkets: Fixed Income On Wednesday, EMU bonds had an overall quiet day, as US markets were closed in observance of Veteran’s Day and the dataflow was thin in Europe. The Bund hovered sideways in a tight range, closing at 121.71, virtually unchanged from the previous close. In the cash markets, changes were marginal too, except for the 10-year yield that went up by 6 basis points, but only due to a change in benchmark (Bund 3.25% Jan 2020 replaces Bund 3.5% Jan 2019). Equities eked out moreThu, 12 Nov 2009 08:26:16 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-12.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-10.htmlMarkets: Fixed Income On Monday, Global bonds withstood an iron-strong equity rally and closed little changed in the US to moderately higher in EMU. We are a bit surprised by the resilience of bonds in the face of strong advances in equities, EUR/USD, commodities including gold and narrowing corporate spreads. So the overall reflationary trade didn’t hurt global bonds yesterday. The G-20 confirming that it is too early to start the exit strategy on the back of a similar message of the Fed lastTue, 10 Nov 2009 10:27:04 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-10.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-09.htmlMarkets: Fixed Income On Friday, Bond trading was dominated by the US payrolls release and the concomitant gyration of equities, while upcoming supply played a role too. At the end, yield changes were modest though. The US and the EMU curve steepened, but while the US curve steepened in a bullish fashion, in EMU, the German curve was mixed, as German 2-year yields were down 2.8 basis points but 10- and 30-year yields were up 2 basis points. In the US, yields dropped 3-to-4 basis points withMon, 09 Nov 2009 08:21:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-06.htmlMarkets: Fixed Income On Thursday, the yield curves in the US, euro zone and UK steepened further amid rising concerns that central bankers are keeping their policy too loose for too long and that sooner rather than later inflationary pressures may emerge. This was especially the case in the US and the UK, where the Fed had reaffirmed its commitment to keep the Fed funds rate at exceptionally low levels for an extended period and in the UK where the Bank of England yesterday decided to expandFri, 06 Nov 2009 08:10:03 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-05.htmlMarkets: Fixed Income On Wednesday, the US yield curve steepened after the Fed reaffirmed its commitment to keep the Fed funds rate at ‘exceptionally low levels’ ‘for an extended period’. For a complete review of the Fed interest rate decision, we re-fer to our flash: FOMC, steady as they go ." Earlier on the day, global bonds were already under some downward pressure, as equities rebounded sharply. US equities however lost almost all their gains in the closing, keeping the losses at theThu, 05 Nov 2009 08:26:05 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-05.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-04.htmlMarkets: Fixed Income On Tuesday, global bonds ended a volatile session moderately lower, as equi-ties rebounded throughout the session and the S&P managed to close slightly higher in the US. The calendar was devoid of market moving data, but investors re-acted nervously on the restructuring plans of the UK financial sector and disappoint-ing earnings from UBS as well as to the uncertainty related to the central bank meet-ings in the US, euro zone and UK. Yesterday’s session also saw goldWed, 04 Nov 2009 08:35:51 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-04.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-03.htmlMarkets: Fixed Income On Monday, investors reacted only moderately positive to the stronger than expected improvement in the cyclical manufacturing sector. Manufacturing data in the US, UK and China all exceeded expectations and raised hopes on a strong global recovery. Equities and commodities rebounded slightly, but recouped only part of Friday’s sharp losses, while bonds traded broadly sideways in the euro zone to slightly lower in the US. UK Gilts underperformed sharply, as the strong riseTue, 03 Nov 2009 07:59:07 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-03.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-02.htmlMarkets: Fixed Income On Friday, global bonds had a good run, as riskier asset markets like equities and commodities couldn’t sustain Thursday’s powerful rebound, but on the contrary fell prey to more profit taking. Whereas earlier last week, bonds had often difficulties to fully benefit from equity weakness, on Friday they surged higher throughout the whole session, closing at the highs of the day with lofty gains, that may turn out to be significant from a technical point of view. BesidesMon, 02 Nov 2009 08:17:35 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-11-02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-30.htmlMarkets: Fixed Income On Thursday, global bonds were hit as a good US Q3 GDP report eased fears about the economic outlook and stimulated investors to look for the riskier asset markets. In this respect the GDP report was clearly the trigger across markets to undo the recent profit taking correction. Equities surged, as did commodities, corporate bond spreads narrowed, while the dollar paid the price and softened across the board: typically reflationary trades. In EMU markets, there was aFri, 30 Oct 2009 08:06:51 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-30.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-29.htmlMarkets: Fixed Income On Friday, global bonds started the week with an outstanding performance, surfing on the waves of renewed risk aversion. Indeed, the rejection by the Obama administration of the carmakers restructuring plans and the bail out of the Spanish regional saving bank, Caja Castilla la Mancha, convinced equity investors to take profit on the strong rally of previous weeks. In EMU, the eco data were dismal. Spanish building permits slumped 62% Y/Y and inflation dropped in negativeThu, 29 Oct 2009 08:10:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-29.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-28.htmlMarkets: Fixed Income On Tuesday, global bonds had a strong run underpinned by weak US and EMU eco data, and a strong US 2-year Note auction against a background of still weak equities and oversold conditions. The rally may have finished the correction that took place in recent weeks. US yields dropped between 9 and 11.5 basis points, the belly slightly outperforming the wings, while German yields fell between 6.7 and 9 basis points, also here the belly outperformed.  Intra-day, the BundWed, 28 Oct 2009 07:58:53 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-28.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-27.htmlMarkets: Fixed Income On Monday, global bonds lost further ground in a session devoid of marketmoving data, as US Treasuries fell below key support levels ahead of this week’s record bond issuance of $123B. The correction on the equity and commodity markets deepened, but again failed to offer support and bonds closed the day at the intra-day lows. The 5-year TIPS auction went well, but was also ignored ahead of this week’s 2-, 5- and 7-year Note auctions. US Treasuries underperformed theTue, 27 Oct 2009 07:50:15 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-27.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-26.htmlMarkets: Fixed Income On Friday, global bonds lost further ground, as the correction on the equity markets failed to offer support. The eco data were mixed with the euro zone PMI surveys and the US existing home sales coming out much stronger than expected, but the UK Q3 GDP showing an unexpected contraction. Hawkish comments of Fed Plosser, technicals and some pre-positioning ahead of this week’s massive supply in the US may have added to the deterioration in sentiment on the bond markets.Mon, 26 Oct 2009 08:03:34 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-26.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-23.htmlMarkets: Fixed Income On Thursday, global bonds had a rather lacklustre session, as uncertainty reigned amid mixed macroeconomic data, but ongoing strong corporate earnings. During the morning session, global bonds got some support from the decline on the equity markets, which opened lower following the overnight losses on the US and Asian equity markets. Strong Chinese Q3 GDP growth data or a further rise in the French business confidence couldn’t improve investors’ sentiment, while the UKFri, 23 Oct 2009 06:57:23 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-22.htmlMarkets: Fixed Income On Wednesday, global bonds sold off after the release of the BoE Minutes dented the prospects for an extension to the Bank’s quantitative easing program. Bonds lost further ground throughout the session, as US equities rose to new highs on the back of another basket of forecast-beating corporate earnings. A late sell-off on the US equity market offered no respite and bonds closed the session near the lows. European bonds again underperformed US Treasuries despite theThu, 22 Oct 2009 07:14:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-22.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-21.htmlMarkets: Fixed Income On Tuesday, global bonds posted a strong rebound, as equities retreated from the highs and the US eco data came out bond friendly. As such, investors ignored another string of strong Q3 earnings from Apple, Texas Instruments, Caterpillar, but focused on the weaker than expected US housing starts and permits and the larger than expected decline in the PPI. This helped bonds to extend their rebound after the test of key support levels in both the Bund and the US T-NoteWed, 21 Oct 2009 07:01:22 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-20.htmlMarkets: Fixed Income On Monday, global bonds held up very well despite equities rallying again to new cycle highs, allowing US Treasuries even to close the session with small gains as the recent re-steepening was undone, while in EMU, the market ended nearly unchanged compared to Friday. Technical elements certainly played a role as a re-test of key support in the Bund in the morning session failed. Also in the US, technical oriented traders had noticed that a test of the downside on FridayTue, 20 Oct 2009 07:02:29 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-19.htmlMarkets: Fixed Income On Friday , global bonds profited modestly from equity weakness and pre-weekend short covering in a rather dull session devoid of major new developments. Bonds were hit in previous sessions on equity strength and when the results of GE and BoA didn’t fulfil market expectations, a long overdue profit taking in equities occurred. This caused some short covering in bond markets. In a similar vein, the curve flattened following a steepening in previous sessions. Intra-day ,Mon, 19 Oct 2009 07:47:33 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-16.htmlMarkets: Fixed Income On Thursday, global bonds corrected lower with technical considerations (Bund) and eco data the main driving forces. Equities hovered mostly sideways following a stellar performance on Wednesday, but late session buying pushed indices further up, confirming the technical break. A similar positive price action occurred in commodities with the CRB indices confirming the break higher. These developments certainly helped to determine the picture for global bonds. In EMU, theFri, 16 Oct 2009 07:15:56 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-15.htmlMarkets: Fixed Income On Wednesday, global bonds were hit quite hard by sharply rallying equities, strong commodities and robust underlying US retail sales. Summarizing, there were signs from the corporate sector that the economy is on the mend favouring riskier assets to the detriment of safe haven bonds. The curve bear steepened in the US with yields up between 1 and 6-7 basis points, while in EMU, the short end of the curve outperformed slightly, elsewhere yields were up about 6 basisThu, 15 Oct 2009 07:08:45 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-14.htmlMarkets: Fixed Income On Tuesday, global bonds continued their gradual rebound from the violent correction witnessed at the end of last week. There wasn’t one particular strong driver responsible for the bullish sentiment, but more a complex of elements that combined supported the market. The technicals played a role too . This resulted in a bull flattening in the US by 5.7 to 3 basis points, while a similar move occurred in EMU, with German yields down by 3-to-2 basis points, the 30-yearWed, 14 Oct 2009 07:23:32 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-13.htmlMarkets: Fixed Income On Monday, following two days of violent correction, global bonds found back their composure and closed with modest, albeit technically insignificant gains. In the EMU, German yields fell between 4 basis points in the two year sector, 2.2 basis points at the 10-year sector while the 30-year was nearly flat. The US bond future traded, but the cash market was closed in observance of Columbus Day. We would qualify yesterday’s price action as essentially corrective in natureTue, 13 Oct 2009 07:47:45 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-12.htmlMarkets: Fixed Income On Friday, global bonds sold off sharply. In the US, yields jumped 8 basis points in the 2-year sector and 13.3 basis points in the 10-year sector. In the EMU, 2-year yields rebounded even more sharply by 12.4 basis points, while 10-year yields moved 8.9 basis points higher . The European eco data with French and Italian industrial production were much stronger than expected, but weren’t the driver behind the sell-off, as bond prices rose at the time. In the US, the tradeMon, 12 Oct 2009 07:27:31 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-12.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-09.htmlMarkets: Fixed Income On Thursday, global bonds traded mostly sideways little moved by the ECB and BoE meetings, before a selling wave pushed bonds sharply lower following a tepid US 30-year bond auction. Strength in equities once more had only a very limited impact. In a daily perspective, the US curve steepened bearishly with 2-year yields up 2.4 and 30-year yields up 8.6 basis points. The move came after the closure of the EMU markets leaving German bonds across the curve virtuallyFri, 09 Oct 2009 07:26:01 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-08.htmlMarkets: Fixed Income On Wednesday, global bonds rallied again higher following two days of consolidation. Bonds benefited from the slightly more cautious sentiment on the equity markets ahead of the start of the Q3 earnings season and strong auction results both in Germany and in the US. The data calendar was quite uneventful, while the Fed purchases of $1.3B Treasuries hadn’t an immediate impact on trading. The successful 30-year Bund auction resulted in an outperformance of the very longThu, 08 Oct 2009 07:23:39 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-08.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-07.htmlMarkets: Fixed Income On Tuesday, global bonds continued to consolidate, following last week’s technical break higher, ending another unexciting session with some modest losses. In both the US and Germany, the curve slightly bear flattened. In the US, yields went up by 3-to-5 basis points, while in Germany, yields rose 2-to-3 basis points. In a session devoid of eco releases, prices hovered sideways but with a clear negative bias. Following, last week’s gains, there was scope forWed, 07 Oct 2009 07:04:48 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-07.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-06.htmlMarkets: Fixed Income On Monday, global bonds ended a rather uneventful, thinly traded session virtually unchanged. This isn’t a bad performance though as equities surged higher and the market had to digest recent stellar performance. Intra-day, trading showed no momentum in the European morning session and bonds hovered in a very tight range. The European calendar was devoid of market moving issues. There was an attempt to rally ahead of the release of the US Nonmanufacturing ISM survey. TheTue, 06 Oct 2009 07:39:35 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-05.htmlMarkets: Fixed Income On Friday, global bonds ended mixed, as profit taking kicked in when the market couldn’t sustain a disappointing-payrolls-induced spike. The buy-therumour, sell the fact reaction dominated, at least partial also a consequence of equities recovering most of the initial losses. Given the recent strong gains, there was a “natural” tendency for pre-weekend profit taking, which was more outspoken in the US versus EMU. In the US, upcoming supply may have weighed too. So, the USMon, 05 Oct 2009 07:14:30 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-05.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-02.htmlMarkets: Fixed Income On Thursday, global bonds enjoyed a very strong run with US and German bonds breaking above key resistance levels, which if confirmed, would open the road for another up-leg that may go in the case of German benchmarks towards the cycle lows. Weaker equities certainly played a big role in the appetite for bonds. The reversal of risk appetite was also apparent in the intra-EMU govies spreads that widened sharply versus benchmark Germany. The eco data were again mostly aFri, 02 Oct 2009 07:25:17 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-01.htmlMarkets: Fixed Income On Wednesday, global bonds showed a divergent picture in the US and EMU resulting in a re-steepening of the curve in the US and a flattening in EMU. Overall though, the moves were interesting, albeit not yet very significant from a longer term perspective. In EMU, German yields were up 2 basis points in the 2-year segment and almost unchanged in the rest of the curve. In the US, the curve steepened in a smooth way with the 2-year yield down 4.8 basis points, the 5-yearThu, 01 Oct 2009 07:39:41 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-10-01.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-09-30.htmlMarkets: Fixed Income On Tuesday, global bonds ended mixed with the curve again flatter. The movements had however little significance from a longer term perspective. The market reacted to various impetuses including the US eco data, EMU/US supply and maybe some month-end extension buying. Hawkish comments of Fed Fisher may be responsible for the ongoing, albeit modest, flattening. At the end of trading, US yields were up 2.4 basis points at the 2-year maturity, flat to 1 basis point higher inWed, 30 Sep 2009 07:25:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-09-30.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-09-29.htmlMarkets: Fixed Income On Monday, in a thinly traded session, global bonds held up very well in the face of a strong rebound of equities. There was little eco news and no important headline news to guide the price action. In this context, EMU bonds stabilized, while US Treasuries eked out still some more gains, extending the latest up-move to 5 sessions. Curve re-positioning was still the theme in the US as hawkish comments of Fed Warsh on Friday still resonate. In a daily perspective US yieldsTue, 29 Sep 2009 07:03:11 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-09-29.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-09-28.htmlMarkets: Fixed Income On Friday, global bonds continued their rally with the longer end of the curve up for the fourth consecutive day, as riskier markets continued to trade still somewhat heavier. The more mixed character of the incoming eco data in the US and the linked doubts on the strength of the global recovery were of course an important underlying reason for the market moves. The most interesting move though, which is a bit in contradiction with the above explanation was the tremendousMon, 28 Sep 2009 07:18:12 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-09-28.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-09-25.htmlMarkets: Fixed Income On Thursday, global bonds rallied for the second consecutive day, as the profit taking on the riskier assets like equities and commodities continued. The trigger was the disappointing US Existing Home sales. Worth mentioning, the US 7- year T-Note auction went very well, while the German Debt Agency trimmed the planned issuance in Q4 by €4 B, especially in the 5-year sector, that outperformed on the day. In a daily perspective, US yields fell between 2.5 and 4 basisFri, 25 Sep 2009 07:11:41 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/sunrise-market-commentary/2009-09-25.html