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BOND SUMMARY: A fairly quiet opening to the week, with bonds and rates under
moderate pressure amid thin trading volumes.
- Deutsche Bank announced above-consensus Q2 earnings, which has bolstered risk
appetite and pushed Bunds lower - Sep18 Bund future off 24 ticks at 162.74.
- Gilts opened weaker and remain under a bit of pressure with the curve slightly
flatter, as markets shrug off more headlines pointing to Brexit-related risks to
the May government. 2Yr yields up 1.3bps at 0.754%, 10Yr up 1.1bps at 1.284%.
- Italian spreads are a bit tighter to Bunds despite EU Minister Savona`s
published interview suggesting that Brussels should allow additional fiscal
spending and that the ECB should be the `lender of last resort` for the EMU. 2Yr
BTP yields down 3.3bps at 1.666%, 4.0bps tighter to Bunds at 127.8bps.
- US Tsys on the back foot, 10-yr yield up 1.3bps at 2.840%. Q&A segment of Fed
Chair Powell's semi-annual report to Congress is the week`s main event.
- US and EMU rate futures are weaker across the strip: Euribor Red through Blue
contracts 1.0-1.5 ticks down, Eurodollars off 1.5 ticks. Short Sterling bucking
the trend, up 1.0-1.5 ticks out to Dec20, and down 0.5-1.0 ticks further out.