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Early focus is on Supply

BUNDS
  • A light overnight session for Bund in terms of volumes, as liquidity disappear at the start of the week, with Pension Fund and Lifers likely on the sidelines, as investors focus on the US CPI release tomorrow.
  • Equities did bounce yesterday afternoon, but Estoxx future is testing yesterday's low on the Bund cash open.
  • Most on the action is in FX, with most pair getting crushed against the Dollar, trading at multi year/decades low, as recession fears takes hold
  • There's very little in term of tier 1 data release for today, German ZEW is unlikely to be a driver and shouldn't move the needle.
  • OPEC release Oil monthly report.
  • SUPPLY: Early focus in Europe will be on supply, German Schatz EU5.5bn (equates to 50k Schatz), should weigh into the bidding deadline.
  • Netherland 10yr (equates to 16k Bund), UK £2.75bn 2032 (equates to 23k Gilt), and US $33bn 10yr Notes.
  • SYNDICATION: EU NGEU EU8b WNG.
  • SPEAKERS: ECB Villeroy, Fed Barkin, and BoE Bailey.
  • EARNINGS: Pepsi.
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