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EQUITIES

E-Minis Pull Lower

JGBS

Bland 5-Year Auction

IDR

Consumer Confidence Data Take Focus

JGBS AUCTION

The Japanese MOF sells Y2.0327tn 5-Year JGBs:

JGBS AUCTION

The Japanese MOF sells Y2.8069tn 6-Month Bills:

CNH

Inflation Data Under Scrutiny

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  • A fairly subdued start for Govies, with most of the early European morning action in Equities.
  • Despite the risk on tone, EGBs and Bund have been better bid, as desk unwind some of the price action, pushing yield back lower, as we tested resistances last Friday.
  • Peripherals are still wider against the German 10yr, as the US starts to come in. Greece and Italy are the widest by 1.4bps.
  • Gilts have mostly traded inline for Bunds, which is reflected n the spread.
  • Gilt/Bund spread is 0.2bp tighter (basically flat), at 125bps.
  • Looking ahead, speakers include ECB de Cos and Villeroy, but unlikely to learn anything new, with the ECB meeting this week.
  • Gilt futures are up 0.12 today at 124.33 with 10y yields down -1.5bp at 1.124% and 2y yields down -0.5bp at 0.636%
  • Bund futures are up 0.14 today at 168.79 with 10y Bund yields down -1.3bp at -0.129% and Schatz yields down -0.1bp at -0.672%.
  • BTP futures are up 0.01 today at 151.30 with 10y yields down -0.1bp at 0.963% and 2y yields up 0.3bp at -0.225%.
  • OAT futures are up 0.14 today at 165.19 with 10y yields down -1.4bp at 0.206% and 2y yields down -0.1bp at -0.671%.