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EGBS: Commodity Pullback Provides Light Support To Major Futures

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures have traded in a tight 21 tick range this morning, lightly supported by a pullback in crude oil and natural gas futures following yesterday’s Trump/Putin call and developments between Israel/Hamas. 

  • Bunds are +24 ticks at 132.39, still well below Monday’s high of 133.61. Key resistance and the bull trigger has been defined at 133.71, the Feb 5 high. A break of it would resume the recent bull cycle.
  • Eurozone December industrial production was in-line with MNI’s tracking estimate at -1.1% M/M, though it was significantly below consensus of -0.6%. The data wasn’t a market mover.
  • EGB curves have lightly bull flattened, with the presence of today’s 3/7-year BTP supply helping to keep short-end yields underpinned.
  • The Italian auction was digested smoothly, with bid-to-covers broadly in line with recent norms.
  • 10-year EGB spreads are 1-2bps tighter, with European equities up 1% on the prospect of Ukraine peace talks.
  • Focus turns to US PPI, with markets also watchful of reciprocal tariff announcements from US President Trump. 
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Bund futures have traded in a tight 21 tick range this morning, lightly supported by a pullback in crude oil and natural gas futures following yesterday’s Trump/Putin call and developments between Israel/Hamas. 

  • Bunds are +24 ticks at 132.39, still well below Monday’s high of 133.61. Key resistance and the bull trigger has been defined at 133.71, the Feb 5 high. A break of it would resume the recent bull cycle.
  • Eurozone December industrial production was in-line with MNI’s tracking estimate at -1.1% M/M, though it was significantly below consensus of -0.6%. The data wasn’t a market mover.
  • EGB curves have lightly bull flattened, with the presence of today’s 3/7-year BTP supply helping to keep short-end yields underpinned.
  • The Italian auction was digested smoothly, with bid-to-covers broadly in line with recent norms.
  • 10-year EGB spreads are 1-2bps tighter, with European equities up 1% on the prospect of Ukraine peace talks.
  • Focus turns to US PPI, with markets also watchful of reciprocal tariff announcements from US President Trump.