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(U2) More Stable But Still Fragile


Trend Structure Remains Bullish


Cautious Risk Appetite Gains Momentum


Key Support Still Exposed


Late Equity Roundup: 2W Highs

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BTPs continue to outperform


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 |
MNI London Bureau | +44 203-865-3820 |

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