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A busier day ahead, CPI and Italian supply

BUNDS
  • Govies have seen a relentless push higher in Yields, with Bund making an attempt at the 2.85% mark Yesterday evening, printing a 2.848% high, highest since July 2011 now, which has faded.
  • German NRW came below last but had a limited impact, just worth a 24 ticks move.
  • Despite the early divergence between the US and Germany, US 10yr Yield also extended and continues to trade at its highest level since October 2007.
  • Italy delayed its earlier objective to bring its deficit limit set by the EU, now only expecting to bring it down in 2026.
  • Italian 10yr Yield tested its highest level since October last night, and the next big upside level would be seen at 4.928%.
  • BTP has so far opened in line with Bund.
  • A busier day ahead, with German Regional/National CPIs, Spain prelim CPI, US 3rd readings for GDP core PCE, US IJC.
  • ECB publishes Economic bulletin.
  • SUPPLY: Decent Italian supply. Italy 5s (equates to 26.7k short 2yr BTP, or 42.7K BTP), 10s (equates to 26.8k BTP), should weigh, plus Italian 2026 and 2030 floating, won't impact BTPs.
  • US Sells $37bn of 7yr Notes.
  • SPEAKERS: BoE Hauser, Greene, ECB Holzmann, de Cos, Fed Powell, Goolsbee, Cook.
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