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Bunds Move on China-US Headlines

EGB SUMMARY

Bunds moved higher today in line with gilts as markets reacted to headlines that China would sanction US officials in a retaliatory move. In an otherwise fairly uneventful day, markets definitely appeared to be in "August mode" today with little else to move the docket and little in the way of options/futures flow.

  • Peripheral spreads were marginally wider, led by Greece.
  • Latest weekly data showed ECB net asset purchases picked up, but PEPP net buys rose by the least since the programme began.
  • Our latest Europe Positioning Indicator showed a big increase in Schatz longs in the past few weeks (click here for full document).
  • Sep Bund futures (RX) up 27 ticks at 177.44 (L: 176.89 / H: 177.48)
  • Sep BTP futures (IK) down 8 ticks at 147.94 (L: 147.68 / H: 148)
  • Sep OAT futures (OA) up 30 ticks at 169.26 (L: 168.7 / H: 169.31)
  • Italy / German 10-Yr spread 1.1bps wider at 144.8bps
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