Curves lean bear steeper

A steady early session for Global Govies, taking their cue from the underpinned risk, following Apple and FB beats yesterday.

• German curve is bear steeper, and the Bund contract has mostly been better offered, but well within the past session's range.
• Peripheral spreads against the German 10yr are mixed, Greece 1bp tighter, and Spain 0.6bp wider.
• Italian 5yr, 10yr supplies, which equated combined to 28k BTP, had no impact on the BTP.
• Gilts have traded inline with EGBs so far today, with the curve also leaning steeper.
• US Treasuries trade on the backfoot, just ahead of initial support at 131.25 (despite printing 131.23 low yesterday).
• US 10yr yield is just short of yesterday's high at 1.6556% (1.6504% today).
• Looking ahead, we get German National CPI, US IJC, Advance GDP, and core PCE.
• Speakers include ECB Weidmann, Holzmann and Fed Quarles.
• Earning Tech season continues, with Twitter and Amazon (after mkt).
• Also, CAT, Comcast, Mastercard, those will be pre mkt..