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A busy day ahead

BUNDS
  • A super light and quiet session for Bund, and for the first time in quite a while, the contract trades in a 19 ticks range overnight, 26 ticks since the cash open.
  • Nothing too surprising, with Europe on the sideline, ahead of a busy morning on the data front.
  • French GDP missed expectations this morning, albeit with a small 1 tenth higher revision for the YoY and QoQ readings.
  • Today sees French CPI/PPI, Italian CPI/PPI/GDP, German GDP, and EU CPI/GDP.
  • Out of the US, PCE deflator, MNI Chicago PMI, Michigan will be Final reading.
  • SUPPLY; Some heavy supply for Italy, 2027 and 2032 (equates combined ~42.7k BTP), plus a 2030 floating.
  • SPEAKERS: ECB de Cos.
  • RATINGS: Fitch on Germany and DBRS on Italy

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