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Core/semi-core Firmer Alongside Wider Global FI; Peripherals Tighten

EGBS

Core/semi-core EGBs are firmer this morning, tracking global FI peers.

  • Bund futures are +42 ticks at 131.66. The technical trend outlook is nonetheless unchanged. It remains bearish and the latest short-term gains are considered corrective.
  • There hasn’t been much market moving news flow to note, with FI markets beginning the session on a positive note following a less hawkish than expected RBA decision overnight.
  • Eurozone retail sales rebounded from a weak February, printing at 0.7% Y/Y (vs -0.2% cons, -0.5% prior), though Bunds were unmoved.
  • The German and French cash curves have bull flattened, with yields 1.5 to 4bps lower.
  • 10-year periphery spreads to Bunds are tighter, with European equities around 0.6% higher today.
  • ECB speak from de Cos and Nagel is scheduled today, with no tier 1 data due in the Eurozone or the US today.
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