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A very choppy start, wide ranges

BONDS
  • A very choppy start for EGBs and Bund.
  • Another massive range session for Bund, with a 164 ticks range on lighter volumes.
  • The contracts swing 10, 20 ticks at a time.
  • Bund has reversed the whole of last week's rally post PMIs, but is off the lows at the time of typing.
  • Peripheral spreads are all tighter against the German 10yr, Greece is in the lead by 6.5bps to 220.9bps.
  • ECB Lagarde reaffirmed the ECB's intention of hiking rates by 25bps in July, and left the door opened for a higher hike in September depending on the data.
  • Gilt is mostly trading in line with Germany, the Gilt/Bund is just 0.5bp tighter.
  • US Treasuries are also in the red, but have moved to a far lesser extend versus Europe, as such the Tnotes/Bund spread has tightened 4.8bps in early trade.
  • Looking ahead, US Wholesale Inventories is the only notable data.
  • In terms of supply, US $40bn 7yr notes, and the remaining speakers for the session are ECB Panetta and Fed Daly.
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