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BTP: Eye 119.00 Resistance As Equity Rally Provides Support

BTP

BTP futures have pushed through yesterday’s high, +35 at 118.92, will bulls eyeing round number resistance at 119.00 next.

  • The front end leads the rally, with BTP yields 1.5-4.0bp lower across the curve.
  • Any spread narrowing impetus from the chip-led rally in European equities is countered by geopolitical tension in the Middle East, after Hamas confirmed its political leader was killed by Israeli strikes.
  • 10-year BTP/Bunds little changed at ~135bps as a result, with other peripheral spreads also seeing limited moves.
  • The Eurozone flash July inflation print (due 1000BST/1100CET) could prompt some intraday spread widening, should upside risks to headline/core HICP be realised.
CEEMEAEurozoneItalyBulletGlobalRegion
CEEMEAEurozoneItalyBulletGlobalRegion

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