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A busy afternoon session led by Risk Off

EGB SUMMARY

A busy afternoon session for EGBs, all led by the large Equity sell off.

  • There were no clear catalyst on the Global Equity move lower.
  • Some suggested the China/Taiwan headline "Chinese military aircraft entered Taiwan air space", but we had similar headlines in the past, so unlikely the driver
  • We have not heard of any Program type order, or seen any new headlines that have crossed.
  • Mini S&P has now lost over 1%, and Nasdaq plummets 2%, and Estoxx futures has lost 2.11% since 12.00BST/07.00ET
  • Long bailed out, which provided a bid into safe haven core Bonds.
  • Bund rallied, and trade 61 ticks up on the session at the time of typing.
  • Curve has in turn bull flattened.
  • Peripherals have lagged behind, and are all trading wider, with Greece by 6.4bps, and Italy 3bps.
  • Looking ahead, Fed Daly and Kaplan are the scheduled speakers
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