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EGBS: Bunds Off Overnight Lows

EGBS
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Bund futures briefly close their opening gap lower, last -24 at 133.20 (132.90-133.27 range, sticking within Monday’s boundaries).

  • A recovery from lows in Tsys and weakness in Chinese equities/Caixin manufacturing PMI data provide support after the early weakness.
  • Technically, the trend in the contract remains bearish. Initial support at Monday’s low (132.71), which protects key support at the November 6 low (132.00).
  • Final manufacturing PMIs from the Eurozone, Germany & France are due, along with the equivalent readings from the periphery.
  • Further afield, U.S. weekly jobless claims data will be eyed.
  • No major central bank speakers are scheduled today.
  • While no EGB issuance is scheduled for this week, participants will be on the lookout for the burst of syndication announcements that typically follow the new year (they are more likely to come next week).
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Bund futures briefly close their opening gap lower, last -24 at 133.20 (132.90-133.27 range, sticking within Monday’s boundaries).

  • A recovery from lows in Tsys and weakness in Chinese equities/Caixin manufacturing PMI data provide support after the early weakness.
  • Technically, the trend in the contract remains bearish. Initial support at Monday’s low (132.71), which protects key support at the November 6 low (132.00).
  • Final manufacturing PMIs from the Eurozone, Germany & France are due, along with the equivalent readings from the periphery.
  • Further afield, U.S. weekly jobless claims data will be eyed.
  • No major central bank speakers are scheduled today.
  • While no EGB issuance is scheduled for this week, participants will be on the lookout for the burst of syndication announcements that typically follow the new year (they are more likely to come next week).