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A pick up in volumes this afternoon

EGB SUMMARY

EGBs have traded within the morning ranges, but a good pick up in volumes was noted, albeit without a clear direction bias.

  • Bund are flat on the day, despite some recovery in Equities, after the better selling noted during the morning session.
  • German curve is flat, compare to some bear steepening seen in the UK and US today.
  • Peripheral, have fared better and sits in positive territory, pushing the spreads tighter, with Spain leading the way at 1.7bp.
  • Regarding Brexit news: A Reuters report citing EU sources as saying the latest round of trade talks was "one of the most positive".
  • But went on to say that fisheries and governance remain the biggest hurdles overall to a new trade deal,
  • Knee-jerk move was seen in Gilts and GBP, but very little in terms of spillovers into EGBs or Equities.
  • Looking ahead, ECB Chief Economist Lane Speaks at Event
  • Bund futures are down -0.01 today at 174.41.
  • BTP futures up 0.16 at 148.57
  • OAT futures up 0.09 at 168.71.
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