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Assessing Conflicting Forces, Bunds Bull Steepen A Little


Bund futures trade back towards session highs as participants try to square off the risk-negative impulses from China, slightly firmer than expected UK CPI data and the move away from lows in e-minis/Euro STOXX futures.

  • That leaves the contract +20 or so.
  • The major German cash benchmarks are 1-3bp richer as the curve bull steepens, following a similar move in Tsys.
  • GGBs tighten a touch vs. Bunds at the 10-Year point, while other EGB spreads that we monitor are little changed vs. benchmark German 10s.
  • Regional headline flow remains light ahead of this morning’s deluge of Eurozone data and long end German supply.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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