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this is a test, please ignore

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MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

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BTPs defy risk-off moves on exit polls

EGB SUMMARY
  • It has been a risk-off day for global markets and EGBs have been no exception. The risk-off drive has been fuelled by growing concerns around a second wave of Covid (particularly driven by increases across Europe and the UK) and concerns surrounding banks - both from more negative rates in the UK to stories that banks have been moving illicit funds.
  • 10y Bund yields have moved 4.2bp lower, in line with the move in US Treasuries which are 4.1bp lower at writing.
  • Peripheral spreads had been widening all day with the notable exception of BTPs. BTPs snapped higher as exit polls showed that the Democratic Party appears to have held Tuscany in what is a minor success for a party which had low expectations going into these regional elections. At the time of writing, BTP futures had just broken through the 1.236 prokection of the Sep 1-3 rally from the Sep 8 low which came in at 147.06.
  • Bund futures are up 0.65 today at 174.72 with 10y Bund yields down -4.6bp at -0.533% and Schatz yields down -2.7bp at -0.727%.
  • BTP futures are up 0.62 today at 147.11 with 10y yields down -5.1bp at 0.909% and 2y yields down -2.6bp at -0.208%.
  • OAT futures are up 0.55 today at 168.79 with 10y yields down -3.9bp at -0.262% and 2y yields down -1.5bp at -0.661%.
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