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EGBS: Bund Futures Off Lows As Equites and Oil Fade

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures have moved away from intraday lows, now +11 ticks today at 136.19. Bunds were pressured by the contained risk-positive move following China’s dovish monetary policy stance tweak earlier, but have since recovered as European equity and crude oil futures move off highs. 

  • The December Eurozone Sentix investor confidence survey was weaker-than-expected at -17.5 (vs -12.3 cons, -12.8 prior), but had little market impact.
  • German yields are within 0.5bps of Friday’s close, while 10-year EGB spreads to Bunds are a little tighter (albeit off narrowest levels).
  • Political machinations in France following last week’s no confidence vote remain a key focus for EGB markets. President Macron is set to meet with parliamentary groups this morning, with Le Parisien reporting that he hopes to name a PM tomorrow. The 10-year OAT/Bund spread is ~1bp tighter at 76bps.
  • We estimate EGB net flows at negative E6.6bln this week, versus negative E29.0bln last week, with issuance starting to wrap up for the year.
  • Regional focus remains on Thursday’s ECB decision, MNI’s preview will be released later this week.
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Bund futures have moved away from intraday lows, now +11 ticks today at 136.19. Bunds were pressured by the contained risk-positive move following China’s dovish monetary policy stance tweak earlier, but have since recovered as European equity and crude oil futures move off highs. 

  • The December Eurozone Sentix investor confidence survey was weaker-than-expected at -17.5 (vs -12.3 cons, -12.8 prior), but had little market impact.
  • German yields are within 0.5bps of Friday’s close, while 10-year EGB spreads to Bunds are a little tighter (albeit off narrowest levels).
  • Political machinations in France following last week’s no confidence vote remain a key focus for EGB markets. President Macron is set to meet with parliamentary groups this morning, with Le Parisien reporting that he hopes to name a PM tomorrow. The 10-year OAT/Bund spread is ~1bp tighter at 76bps.
  • We estimate EGB net flows at negative E6.6bln this week, versus negative E29.0bln last week, with issuance starting to wrap up for the year.
  • Regional focus remains on Thursday’s ECB decision, MNI’s preview will be released later this week.