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Bund futures lower after Spanish HICP print

SPAIN DATA
  • Main thing in the release for markets is the 0.6ppt increase in national core CPI (we don't get a core HICP print unfortunately).
  • Don't dwell too much on the miss in the headline Y/Y HICP print - there were only 6 analysts in the Bloomberg survey. The M/M HICP print was actually one tenth higher than consensus but saw only 4 survey respondents.
  • Bund futures down to their lowest level of the day. They had moved up to 134.19 ahead of the print but are now 50 ticks lower at 133.70.

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