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Bunds Pare Gains Following Higher-than-expected Spanish CPI

EGBS

Bunds are trading flat on the day, having fallen almost 50 ticks from early session highs following this morning's higher-than-expected Spanish inflation data. OAT and BTP futures are also now little changed.

  • While it is hard to interpret any significant read-throughs from the Spanish print to the Eurozone-wide figure, it nonetheless sets the tone for potential upside risks to the region's inflation data over the next few days.
  • The slightly firmer-than-expected run of Q4 flash GDP figures in Spain, Italy and the Eurozone will have also factored in.
  • The move off highs comes after lower-than-expected borrowing estimates from the US Treasury and China-centric worry seemed to promote a bid through Asia-Pac hours.
  • Supply from Germany, Italy and Greece will have also weighed in the run-up to the respective bidding deadlines.
  • German and French cash yields are unchanged/a touch higher, while 10-year periphery spreads to Bunds are generally little changed.
  • Later today, ECB-speak includes the hawkish leaning Vasle (1230GMT) and Nagel (1530GMT). This morning, the usually hawkish Kazaks re-asserted the importance of labour market data as a prerequisite for rate cuts.
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