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EQUITIES

Estoxx futures edge towards session high

EQUITY TECHS

E-MINI S&P (U1): Modest Fade in Prices

GILTS

Opening calls

BOE

Summary of Analyst Views

USD

Broader base buying emerging

SILVER TECHS

Reversing Lower

EGB SUMMARY
EGB SUMMARY: EGBS are trading mixed with Italy being the start performer so far
Wednesday, likely supported by news that a mediator has been appointed to break
the deadlock of forming a new government. While surprise downside revision to
Eurozone inflation did not give EGBs the expected support. German 10-yr Bund
yield is 0.5bp higher at 0.512%.
- 10-yr Bund/BTP spread is 3bp tighter at 122.2bps as newswires report that
Italy president Sergio Mattarella has asked Senate speaker Elisabetta Casellati
to act as mediator to try and break the deadlock of forming a new government
between the centre right alliance and the 5SM and to report back by Friday.
- Final Eurozone March inflation was revised lower by 0.1% to 1.3% y/y while the
February print was revised down to 1.1% y/y from 1.4% y/y. Core HICP though
remained unchanged at 1.0% y/y, which actually weighed on EGB market.
- Bunds initially followed Gilts higher in wake of weak UK CPI data, however
reversed gains in run-up to 10-yr Bund re-opening auction and EMU HICP data.
- Bund auction came in fully covered, only the third time in the last 7 auctions
and came with a 0.2bp premium.