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Another Weak Start; Peripheries Widen

EGBS

Core/semi-core EGBs are off session lows headed into the NY crossover, but remain weaker to begin the week.

  • Headline flow has generally been light, with this morning's Eurozone data not providing much impulse in either direction. Block buying in USTs has been noted to help Bunds off intraday lows in recent trade.
  • That leaves Bunds 50 ticks lower on the day at 135.53, with the Jan 5 low of 135.06 is the first support. German and French cash curves have bear steepened on the day, but yields remain inside recent ranges.
  • Periphery spreads are once again wider, continuing last week's dynamics. The 10-Yr BTP/Bund spread hovers around 170bps, currently 0.5bps wider on the day at 169.6bps.
  • Aforementioned Eurozone data comprised of retail sales and EC/Sentix confidence indices. Retail sales were broadly in line with consensus, while an uptick in confidence across respondents were seen in both surveys.
  • The remainder of today's local docket is light, with external focus on an appearance from Fed's Bostic ahead of the US CPI data later this week.
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