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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.
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Free AccessCore EGBs are weaker and BTPs...........>
EGB SUMMARY: Core EGBs are weaker and BTPs stronger as a reasonably
market-favourable Italian budget agreement this week looks increasingly likely.
- The Dec 18 Bund future is down 24 ticks at 158.08, having traded in a range of
157.91-158.21, with 10-Yr weakest on the curve with yield up 1.8bps at 0.527%.
- Italian 2-Yr yield is down 6.8bps at 0.824%, 10-Yr is down 6.1bps at 2.888% -
with spread vs Bunds down 8bps at 235.9bps.
- Signs of budget compromise in the coalition government are buoying Italian
bonds. A report from Il Messaggero that Fin Min Tria is willing to run a deficit
as high as 2.0% of GDP (vs his stated 1.6% preference), while another report
from La Stampa cited 5-Star`s Di Maio backtracking from a 2.8% of GDP deficit.
- Rest of periphery tightening as well, 10-Yr Spain vs Bunds down 2bps at
99.4bps, Portugal down 2.2bps at 136.6bps, and Greece in down 1.5bps at
358.8bps.
- Euribor is weaker from Dec19 onward, with focus on the 2021-22 contracts (off
2.5-3.0 ticks) as more ECB tightening priced in.
- ECB speakers today include Praet (0810GMT) and Coeure (1600GMT).
To read the full story
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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.