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Bunds Still Bearish

EGB SUMMARY
  • Bunds saw some decent trades on the open but volumes have fallen back to slightly above normal UK bank holiday patterns since.
  • After breaking through key support on Friday at 175.25 and moving as low as 175.06 before recovering to close the week at 175.68, Bunds have moved 40 ticks lower this morning and at writing are re-approaching the 175.25 level.
  • Italian and German state CPI data this morning have been soft while Spanish CPI data was broadly in line with consensus expectations.
  • Spreads are mixed this morning with BTP and GGB spreads tighter but Spain spreads a little wider. While in semi-core, Dutch, Finland and Austrian spreads are a bit wider while others are tighter.
  • Attention now turns to the national German inflation print this afternoon before tomorrow's final PMI prints.
  • Bund futures are down -0.36 today at 175.32 with 10y Bund yields up 2.4bp at -0.386% and Schatz yields up 1.2bp at -0.660%.
  • BTP futures are down -0.25 today at 146.53 with 10y yields up 1.4bp at 1.057% and 2y yields down -0.2bp at -0.107%.
  • OAT futures are down -0.33 today at 167.27 with 10y yields up 2.2bp at -0.88% and 2y yields up 1.1bp at -0.594%.
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