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Bear steeper on the cash open

BUNDS

Bund trade within overnight range, albeit better bid, but still in negative territory.

  • We have a small opening gap to 174.33, high so far for the contract is 174.20.
  • 2s/10s trade steeper and just short of yesterday's high at 38.318, now at 37.365.
  • Estoxx (VGU1) is making an attempt at the very short term 50% retracement of yesterday's fall situated at 4012, now at 4003.
  • Very little of note in terms of tier 1 data for Europe, Italian IP, and on the other side of the pond, Canadian employment data and US Wholesale Inv. but final reading for the latter.
  • More focus on speakers on the margin, with ECB Rehn (on Strategy review),, ECB Lagarde, de Cos, ECB Account, BoE Bailey and the start of the G20 meeting in Venice (ends on Saturday)
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