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Better buying since the opening bell

BUNDS

A pop higher in Bund, albeit fairly limited, when we consider a 17 ticks range in the first hour of trading (175.04-175.21).

  • Safer haven are underpinned, with EU Govies, USD and Gold in green territory,
  • Focus is squarely on Brexit and the EU Summit Thu/Fri to discuss the negotiations along with its EU recovery funding.
  • Today, sees EU IP ECB Lagarde, Mersch, Lane, Villeroy and de Cos, but these are unlikely to move the needle, with the focus on risk events.
  • ALL EYES on Ursula and Boris phone call, but no official timing as yet been announced.
  • SUPPLIES this morning, sees German EU1bn 30yr and Portugal 2028/2037

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