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CASH CLOSE: Reversing moves seen in equities

EGBS
  • EGBs have generally reversed moves in equities seen today with little liquidity in the trading session given the public holiday in the UK.
  • Indeed, moves in 10-year Bunds have been more measured than those seen in 10-year USTs today with the former up 2.6bp versus the 5.3bp move seen in 10-year USTs at the time of writing. The limited moves seen in Bunds versus USTs may be partly due to the disappointing German industrial production print seen this morning.
  • There has also been a different move in curves with German 2s10s flattening (in contrast to the modest steepening seen in US 2s10s).
  • Spreads have widened a little today for both semi-core and peripherals with 10-year BTP-Bund spreads over 2bp wider on the day at writing.
  • Bund futures are down -0.34 today at 135.57 with 10y Bund yields up 2.8bp at 2.317% and Schatz yields up 4.4bp at 2.607%.
  • BTP futures are down -0.45 today at 114.42 with 10y yields up 4.9bp at 4.238% and 2y yields up 3.8bp at 3.295%.
  • OAT futures are down -0.35 today at 129.78 with 10y yields up 3.1bp at 2.905% and 2y yields up 3.7bp at 2.778%.
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