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EGBS: 10-year Spreads To Bunds Wider As European Equities Soften

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Aforementioned equity weakness (which has started to retrace at typing) leaves 10-year EGB spreads to Bunds up to 1bp wider today. 

  • BTP and OAT spreads remain within yesterday’s ranges.
  • Overnight, Italian Finance Minister Giorgetti said Italy may not reach its 2024 GDP growth target, following ISTAT’s downward revision to Q2 growth last week.
  • However, he said that this would not “raise concerns for the following years”.
  • We have previously noted the Italian Government’s medium-term fiscal forecasts appear somewhat optimistic relative to consensus.
  • ECB’s Kazimir is scheduled to speak at 0900BST/1000CET. On Sep 16, he said that “we will almost surely need to wait until December for a clearer picture before making our next move”. However, this was before the weak September flash PMI/inflation data was released.
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Aforementioned equity weakness (which has started to retrace at typing) leaves 10-year EGB spreads to Bunds up to 1bp wider today. 

  • BTP and OAT spreads remain within yesterday’s ranges.
  • Overnight, Italian Finance Minister Giorgetti said Italy may not reach its 2024 GDP growth target, following ISTAT’s downward revision to Q2 growth last week.
  • However, he said that this would not “raise concerns for the following years”.
  • We have previously noted the Italian Government’s medium-term fiscal forecasts appear somewhat optimistic relative to consensus.
  • ECB’s Kazimir is scheduled to speak at 0900BST/1000CET. On Sep 16, he said that “we will almost surely need to wait until December for a clearer picture before making our next move”. However, this was before the weak September flash PMI/inflation data was released.