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Core Curves Stabile, Supply Eyed

BOND SUMMARY

Markets taking a breather after an active risk-off Monday, with core FI curves slightly steeper though largely stable, and futures steady within ranges.

  • With pre-election US fiscal stimulus now all-but-dead, attention turns to the ECB meeting, Brexit negotiations, COVID developments, and of course the US election itself next week.
  • Another limited European data slate; today's data highlight is prelim US Sep Durable Goods, followed later by US Consumer Confidence. ECB's de Cos speaks.
  • In supply we get Italy CTZ and Linkers sales, with UK selling Jan-24 and Oct-71 Gilts; also, EIB syndicating 7-Yr bond. US sells $54B of 2-Yr notes.

Latest levels:

  • Dec 10-Yr US futures (TY) steady at at 138-20.5 (L: 138-18.5 / H: 138-22)
  • Dec Bund futures (RX) up 9 ticks at 175.39 (L: 175.27 / H: 175.53)
  • Dec Gilt futures (G) up 3 ticks at 135.46 (L: 135.34 / H: 135.51)
  • Italy / German 10-Yr spread 0.6bps wider at 132.5bps
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