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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessBund Futures Off Asia Lows, Sovereign Impact Eyed In Periphery
Core global FI markets have found a bit of a base in the last couple of hours.
- That leaves Bund futures -14 at 130.85 (130.64-91 range), with the modest opening gap lower not closed.
- The bearish technical picture remains intact in the contract. Initial meaningful support at the 1.236 projection of the Mar 8-18-27 price swing (130.25), while initial resistance comes in at the 20-day EMA (131.97).
- Initial pressure for Bunds and wider core global bonds seemed to stem from Asia’s reaction to Friday’s core global FI moves, a lack of weekend escalation in geopolitical tensions and U.S. fiscal support for Ukraine.
- BTP futures see some modest outperformance vs. Bunds after S&P chose not to act on the recent fiscal headwinds seen in Italy after hours on Friday
- Elsewhere on the ratings front, GGBs may receive some tailwinds early today, following S&P moving Greece to a positive outlook after hours on Friday.
- Weekend ECB speak didn’t move the needle, as flagged in early EUR STIR bullet.
- Comments from ECB President Lagarde and a couple of appearances from Villeroy are due today.
- On the supply front, the EU could launch its latest syndication as early today. Some desks eye a dual-tranche format including a long bond, while we don’t have much in the way of strong conviction re: potential bonds on offer.
- Elsewhere, we have flagged the potential for syndications from Austria, Finland, France, Greece, Portugal and Spain during this week.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.