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Early focus is on supplies

BUNDS
  • No change in the Bund contract to add from yesterday, volumes overnight are once again subdued.
  • As noted yesterday in the Bond recaps, ECB this week should be a neutral event, with most Banks/Desks expecting ECB officials to make a formal announcement regarding Bond purchases at the December meeting.
  • Also this week, and these might be ignored by some Fed members, given latest comments from the likes of Clarida, advance GDP (for growth) is coming up on Thursday, and PCE deflator on Friday for inflation.
  • Please note that the Fed next week, won't include any projections, nor Dot plots, not until the December meeting that is.
  • ALL EYES will be on Powell statement, regarding hiking and if or when after taper this could happen.
  • MONTH END: Govies extension should be a non event, still remains to be seen, is the rebalancing Portfolio from Govies into or out of Equities.
  • We have no moving data release for today, and early focus will be on supplies.
  • UK sells £2.75bn 2026 (equates to 13.7k Gilts), should have limited impact on the contracts into the bidding deadline.
  • Italy EU2.25bn 2024 (equates to ~20k BTPS, or 4k BTP), Germany EU3bn 7yr (Equates to 33.4k Bobl, or 14.5k Bund), this should keep the lid on the shorter end part of the curve into the bidding deadline.
  • Speakers include ECB de Cos and Villeroy, but unlikely to learn anything new, with ECB this week
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