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Free AccessCore Curves Twist Flatten, GGBs Tighten
The early session impulses remain in play, even with the drivers of the much firmer than expected German factory orders data pointing to a lack of sustainability, while the market looked through mixed retails sales data (the prior month’s readings saw positive revisions). That leaves Bund futures -40, a little above lows, while the major German cash benchmarks run 2.5bp cheaper to 1.0bp richer as the curve twist flattens.
- The remainder of the core/semi-core EGB curves see similar moves, leaving spreads vs. Bunds little changed.
- Peripherals have generally tightened a little vs. Bunds, with GGBs outperforming, presumably on expectations surrounding the Greek attainment of IG status at Scope Ratings (after achieving that objective at Japanese agency R&I earlier this week). A quick reminder that such a step at Scope would not impact GGB inclusion in ECB purchases/major bond indexes, but would represent the latest positive on Greece’s recovery path. Pre-market musings from DBRS Morningstar on Greece would have done the tightening no harm, although the 10-Year GGB/Bund & GGB/BTP spreads remain off recent tights.
- Recent comments from ECB’s Lane on expected inflation dynamics have gone over old ground, with no visible market impact.
- U.S. NFP data is front and centre into the weekend, with Belgian supply also due.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.