Bunds opened close to unchanged but.....>

EGB SUMMARY: Bunds opened close to unchanged but then proceeded to start rising

and hardly pause. 

- Early price action was cash-led but stop-losses really fired off rapidly in

the price ramp up. Roughly 55k contracts went through between 08.03BST and

0821BST. 

- The initial buying was said to have been on the back of the Reuters article

quoting 5 people familiar with discussions that the ECB is honing in on a 9

month QE extension. Following Peter Praet's guidance that the length of the

programme is more important than the size because it delays the start of rate

hikes, market contacts talk of little resistance to buying today. 

- There is also a E16bln Obl redemption today and generally benign issuance

outlook leading into the ECB meeting in two weeks time. 

- In light of the FOMC Minutes, the US CPI data take added significance, some

see asymmetry given near fully priced December Fed hike.

- European data included final German Sep CPI that confirmed the flash reading

and the market now awaits more sideline interviews from IMF/World Bank meeting.