Busy in terms of market movements

Bund and EGBs are paring opening losses.

• Volumes have been on the low side, but it has been an early busy session in terms of market movements.
• Bund plummeted, following upbeat PMIs, and countries set to re-open just heading towards the summer.
• Bund are off the low, as Equities give back some of their early gains.
• German 5/30s broke out above the 2021 peak, trending at steepest levels since 25/07/2019.
• All peripherals are trading tighter given the Bund under performance,
• Greece leads at 2.3bps.
• Gilts are closed for Bank Holiday.
• Looking ahead, US PMI and ISM manufacturing.
• Fed Powell is the scheduled speaker, but he will be speaking on community development, so unlikely to hear about Monetary Policy.
• Bund futures are down -0.24 today at 169.76 with 10y Bund yields up 2.0bp at -0.183% and Schatz yields up 0.6bp at -0.684%
• BTP futures are up 0.01 today at 147.10 with 10y yields up 0.9bp at 0.912% and 2y yields up 0.6bp at -0.291%.
• OAT futures are down -0.14 today at 160.35 with 10y yields up 1.5bp at 0.171% and 2y yields up 0.1bp at -0.658%.