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Bunds outperform in core FI space

EGB SUMMARY
  • After lagging the moves in Treasuries and gilts yesterday, Bunds are the outperformers today in core fixed income space.
  • Equities are a little lower but European fixed income is seeing a bigger move than equity markets would imply. Indeed, we note that we are approaching the key level on the continuation yield chart of -0.591%, the May 5 low and a key technical level. If this level is to be breached our tehnical analyst would be looking for initially the psychological -0.600% level ahead of the -0.614% level - the 61.8% retracement of the Mar 9 - 19 move.
  • Peripheral spreads, with the exception of Italy, which is close to flat on the day, have also widened today.
  • Bund futures are up 0.31 today at 175.37 with 10y Bund yields down -2.2bp at -0.579% and Schatz yields down -1.0bp at -0.749%.
  • BTP futures are up 0.31 today at 150.38 with 10y yields down -2.3bp at 0.634% and 2y yields down -1.2bp at -0.362%.
  • OAT futures are up 0.19 today at 169.54 with 10y yields down -1.3bp at -0.309% and 2y yields down -0.2bp at -0.697%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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