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Better bid during the European morning session

BONDS
  • A range bound start for EGB's, with investors taking the opportunity ahead of US ISM and NFP tomorrow, to roll position into December.
  • Bobl was the standout yesterday, but Bund is leading today, with a massive 322k outright spread already traded.
  • Peripheral spreads are mostly wider versus the German 10yr, Greece by 2bps.
  • Overall markets are better bid.
  • Gilts have traded in line with EGBs, with very little new in terms of news.
  • Curve leans bull flatter.
  • US Treasuries trade in the green, but Tnotes remains in a 4.5 ticks range (133.14/133.18+)
  • Markets are unlikely to go far too fast, with ALL EYES on the US data tomorrow, ahead of a long Bank holiday weekend for the US.
  • Looking ahead, US IJC, Factory orders, and Durable goods, but final reading for the latter.
  • Speakers include Sweden Ingves (Mon Pol), US Fed Bostic (Eco opportunity), and Daly (Inclusive Economy)
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