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Bonds sold off, Boris’ no-deal stymied

Bond yields have paved down across the world, driven by a sell-off in German bunds. NAB’s Tapas Strickland says it relates to a growing expectation that the ECB measures later this week will be a little less bazooka-like. Data out in the last 24 hours has been largely positive – UK GDP was better than expected, German exports are up, consumer borrowing is up in the US and home loans rose sharply in Australia. And with the UK parliament now out of action till late October and the law calling for an extension to Brexit it’s hard to see how the government could orchestrate a no-deal Brexit by the end of next month.

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