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AUSSIE 10-YEAR TECHS

(U2) More Stable But Still Fragile

USDCAD TECHS

Trend Structure Remains Bullish

US TSYS

Cautious Risk Appetite Gains Momentum

AUDUSD TECHS

Key Support Still Exposed

US STOCKS

Late Equity Roundup: 2W Highs

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BTPs continue to outperform

EGB SUMMARY

Bunds have traded largely within Friday's range (albeit hitting a high of the day one tick higher than Friday at 174.87. Volatility has been fairly subdued today with North America on holiday.

  • Equities have moved higher today across the region with peripheral spreads narrowing but there has been little in the way of standout headline news or data.
  • BTPs continue to be among the outperformers with 10-year spreads to Bunds now as low as 122bp - the lowest levels since May 2018. We note that the tightest closing level since Q1 2016 is now in sight at 113bp.
  • Bund futures are up 0.15 today at 174.83 with 10y Bund yields down -1.7bp at -0.545% and Schatz yields down -1.2bp at -0.731%.
  • BTP futures are up 0.41 today at 149.88 with 10y yields down -4.6bp at 0.677% and 2y yields down -1.8bp at -0.347%.
  • OAT futures are up 0.17 today at 169.20 with 10y yields down -1.9bp at -0.286% and 2y yields down -0.5bp at -0.694%.
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com

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