BOC REITERATES RATE CUTS SEEN IF ECONOMY ADVANCES AS EXPECTED

BOC: INFLATION INCREASINGLY LOOKS ON WAY BACK TO TARGET

CANADA MOVING TO IMPOSE TARIFFS ON CHINESE EVS

MNI China Daily Summary: Monday, June 24

MNI BRIEF: China Urges Removal Of Car Buying Restrictions

MNI: PBOC Net Injects CNY46 Bln Via OMO Mon; Rates Unchanged

EZ/UK Bond Supply Calendar: Finland Synd; Italy, UK Due Tuesday

Weekly Index Suggests Slight Growth Slowdown

MNI: BELGIUM JUN BNB BUSINESS SURVEY -11.1

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BTP/Bund Spread 4bps Wider As Equity Market Weakness Persists

BTP

The 10-year BTP/Bund Spread has widened almost 4bps today, approaching levels seen before last Thursday's dovishly perceived ECB decision.

  • Against a backdrop of today's 15-year syndication, spreads widened through this morning, before stabilising as indications of solid demand metrics filtered through.
  • Once the syndication priced, the removal of hedging related pressures alongside a soft US ADP report enabled spreads to tighten around 2.5bps.
  • However, equity market weakness and related risk-off flows since then have pushed the 10-year spread wider, currently trading at 156.5bps.
  • Previously noted moves in German ASWs will have also factored into spread widening.
  • A reminder that the December Italian unemployment rate was lower-than-expected at 7.2% today (vs 7.5% cons, 7.4% prior), while the surprisingly large hourly wages print (7.9% Y/Y, 5.1% M/M) was driven by one-off payments for Government employees.
  • Tomorrow sees the release of domestic flash inflation alongside the Eurozone-wide release (Current Italy HICP forecast: +0.8% Y/Y vs +0.5% prior / -1.2% M/M vs +0.2% prior).
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.