Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EGBS
10-year peripheral spreads to Bunds have widened this morning, alongside the near-1% pullback in European equity futures. However, today’s moves do not detract from the overall tightening theme seen through July.
- Spreads have tightened fairly aggressively since the French legislative election results on 30 June and 7 July.
- The 10-year BTP/Bund spread has compressed around 25bps through July, with GGBs (20bps), SPGBs (10bps) and PGBs (10bps) following suit.
- Although European equities also found some relief following the French elections, the increased odds of a Trump Presidency (and the associated risks of increased US protectionism) have weighed this week (while the 10-year BTP/Bund spread has generally continued to narrow).
- It seems unlikely that the BTP/Bund spread will be able to meaningfully challenge year-to-date tightest closing levels (around 120bps) over the next few months though, given expectations for a cautious ECB easing cycle and still-present domestic fiscal concerns.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok