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Core Europe Softer as US Markets Play Catch-Up

BONDS
  • Core European government bond markets trade lower, with the Dec-21 Bund future off over 60 ticks as markets anticipate heavy supply, follow US Treasuries and pre-position for Thursday's ECB rate decision. Bunds took out support at the Sep 3 and 6 lows of 172.01 on the way lower, narrowing the gap with the next projection level at 171.49.
  • Further weakness went through in core Europe on the release of a better-than-expected final revision to Eurozone Q2 GDP, with both the quarterly and yearly figures revised higher to 2.2% and 14.3% respectively.
  • Peripheral spreads have widened (albeit slightly) with Greek, Slovenian and Austrian bonds modestly underperforming. Austrian 10yr yields are around 0.6bps wider against Germany following E1.4bln in 10/15yr RAGB supply, with markets also set to digest 2 Gilt auctions as well as German Linkers.
  • Datapoints are few and far between Tuesday, with no central bank speakers of note.
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