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Bund futures reverse mini-bounce

EGBS
  • At the time of writing Bund futures have reversed the mini-bounce seen following the European cash equity open (and the earlier confirmation that Germany had entered a technical recession). Futures at the time of writing are down around 40 ticks on the day but around 10 ticks off the low of the day of 133.60.
  • Peripheral spreads are tighter on the day with 10-year GGB spreads narrowing 4.0bp and 10-year BTP spreads 2.4bp tighter on the day. Talk of a Greek upgrade continues to help GGB spreads narrow in particular.
  • Bund futures are down -0.39 today at 133.68 with 10y Bund yields up 1.1bp at 2.481% and Schatz yields up 0.7bp at 2.845%.
  • BTP futures are down -0.04 today at 113.73 with 10y yields down -1.6bp at 4.318% and 2y yields up 0.8bp at 3.502%.
  • OAT futures are down -0.27 today at 128.17 with 10y yields up 0.4bp at 3.052% and 2y yields up 0.1bp at 3.021%.

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