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US TSYS

2-Way Flow Observed

IDR

Rupiah Continues To Tread Water

EQUITIES

E-Minis Flat On The Day

AUSSIE BONDS

AOFM Weekly Issuance Slate

CNH

Redback Hugs Tight Range

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  • A busier session for EGBs and the Bund.
  • Volume this morning for the German 10yr trended at 173% of 10d averages.
  • The contract was better offered going into the US CPI, but the small print below expectation saw much better buying going into Bonds and Bunds is now trading at the top end of the range.
  • One of the interesting thing has been that the volume on the move higher has less than on the way down this morning.
  • Gilts are lagging Bund, after the UK employment data beat on the open set out the tone for the contract.
  • Nonetheless, Gilt are also at session high, all US data driven.
  • Gilt/Bund spread has widened a touch, by 1bp.
  • Looking ahead, we have nothing left for the session, but focus quickly turns to the UK CPI tomorrow morning
  • Dec Bund futures (RX) up 8 ticks at 171.88 (L: 171.33 / H: 171.94)
  • Germany: The 2-Yr yield is up 0.4bps at -0.701%, 5-Yr is down 0.3bps at -0.644%, 10-Yr is down 0.7bps at -0.338%, and 30-Yr is down 0.9bps at 0.157%.
  • Dec Gilt futures (G) down 4 ticks at 127.94 (L: 127.48 / H: 128.05)
  • UK: The 2-Yr yield is up 0.6bps at 0.234%, 5-Yr is up 1.4bps at 0.428%, 10-Yr is up 0.2bps at 0.747%, and 30-Yr is up 0.1bps at 1.057%.
  • Dec BTP futures (IK) up 49 ticks at 154.52 (L: 153.66 / H: 154.55)
  • Dec OAT futures (OA) up 13 ticks at 168.37 (L: 167.73 / H: 168.44)
  • Italian BTP spread down 2.7bps at 99bpsSpanish bond spread down 1.2bps at 64.8bps
  • Portuguese PGB spread down 1.3bps at 54.4bpsGreek bond spread up 0.2bps at 111.8bps