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EGBS: DeepSeek Tech Advance Drives Spread Widening Vs. Bunds

EGBS
BulletEurozoneFixed Income BulletsMarkets

Spread widening vs. Bunds early today, with the risk-off tone generated by DeepSeek’s AI advancements (detailed in previous bullets) driving the moves.

  • Major 10-Year EGB spreads to Bunds 0.5-2.5bp wider on the session.
  • 10-Year OAT/Bunds back towards 75bp (+1.5bp on the day at 74.5bp) after failing to threaten 70bp last week. Ongoing French fiscal and political risks could provide some limitations to further meaningful tightening, unless we see some fresh developments on that front.
  • 10-Year BTP/Bunds back above 110bp (+2bp on the day) after failure to close below the December closing low (106.4bp) last week.
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Spread widening vs. Bunds early today, with the risk-off tone generated by DeepSeek’s AI advancements (detailed in previous bullets) driving the moves.

  • Major 10-Year EGB spreads to Bunds 0.5-2.5bp wider on the session.
  • 10-Year OAT/Bunds back towards 75bp (+1.5bp on the day at 74.5bp) after failing to threaten 70bp last week. Ongoing French fiscal and political risks could provide some limitations to further meaningful tightening, unless we see some fresh developments on that front.
  • 10-Year BTP/Bunds back above 110bp (+2bp on the day) after failure to close below the December closing low (106.4bp) last week.