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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessAfter spending much of the morning......>
EGB SUMMARY: After spending much of the morning trading around Friday's closing
level the Mar-18 10Y Bund contract dropped lower and broke through the previous
day's low of 162.15 and is currently trading at 161.98. German 10Y Bund yield is
higher by 2.0bp at 0.399%.
- The move lower occurred at a similar time to the Bund-BTP future block went
through, 2,210 RXH8 @ 162.32 vs 2,698 IKH8 @ 137.48. Traders note that markets
remain thin due to the holiday season and therefore price movements may remain
exaggerated.
- The 4-7Y part of the core EGB yield curve is underperforming likely on the
back of the ECB hawkish commentary yesterday.
- Portugal has been the star performer so far Wednesday with PGB-Bund spread
7.5bp tighter at 137.6bp, which is the lowest since March 2015. Spain and Italy
are jumping on the tightening move in Portugal.
- In Spanish news the country gets ready for the Catalan elections on Thursday.
- Looking ahead markets will focus on the Existing Home Sales data for November,
which is due to be released at 1500GMT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.