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Decent volume on the opening bell

BUNDS

Another decent open for Bund and volumes, with over 30k traded in the first 20 minutes of trading.

  • Pick up in daily volumes have increased since last Thursday, but no sign yet of decent roll flows.
  • Curve is a touch bull flatter on the opening bell, but within ranges in 5/30s.
  • Focus this morning will be on EU National PMIs, but these are final reading, so unlikely to move the needle.
  • Instead some, focus on ECB Gunidos, de Cos, Lane and Knot today.
  • In term of data, most of the attention will be on the US ISM, ahead of NFP Friday.
  • Peripheral are mix, Greece is the widest at 2bps versus the German 10yr..

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