MNI China Daily Summary: Wednesday, September 18

MNI: Japan Govt Keeps Economic View, Tweaks Corp Goods Price

MNI BRIEF: BOJ Aug Real Export Index Rises 1.3% M/M

MNI CBRT WATCH: CBRT To Hold Steady, Look For Further Progress

MNI Brief: Beijing's August Newly Built Sales Worsen

MNI: PBOC Net Injects CNY80.7 Bln via OMO Wednesday

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES +11.0B CAD IN JUL

MNI: US AUG HOUSING STARTS 1.356M; PERMITS 1.475M

US MBA: REFIS +24% SA; PURCH INDEX +5% SA THRU SEP 13 WK

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGBS: Bund Futures At Intraday Lows Following UK CPI

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures are -31 ticks today at 134.50, close to intraday lows alongside OAT and BTP futures. The 20-day EMA at 134.28 provides initial firm support in Bunds.

  • Although UK CPI was in line with analyst consensus, the lack of downside surprise resulted in hawkish adjustments in UK rate markets, which has spilled over into EGBs.
  • Broader macro focus remains on this evening’s Fed decision.
  • Eurozone final August HICP confirmed flash estimates on the headline and core metrics, but services inflation was revised a tenth lower (on a rounded basis) to 4.1% Y/Y.
  • The German cash curve has bear steepened, with yields 1.2 to 4.0bps higher today. Impending 30-year Bund supply is likely weighing at the long-end (bidding deadline at 1030BST).
  • 10-year peripheral spreads to Bunds are wider, led by BTPs and GGBs. Both Greece and Italy have issued bonds today, with the results of Italy’s Specialist tap still to be released.
148 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Bund futures are -31 ticks today at 134.50, close to intraday lows alongside OAT and BTP futures. The 20-day EMA at 134.28 provides initial firm support in Bunds.

  • Although UK CPI was in line with analyst consensus, the lack of downside surprise resulted in hawkish adjustments in UK rate markets, which has spilled over into EGBs.
  • Broader macro focus remains on this evening’s Fed decision.
  • Eurozone final August HICP confirmed flash estimates on the headline and core metrics, but services inflation was revised a tenth lower (on a rounded basis) to 4.1% Y/Y.
  • The German cash curve has bear steepened, with yields 1.2 to 4.0bps higher today. Impending 30-year Bund supply is likely weighing at the long-end (bidding deadline at 1030BST).
  • 10-year peripheral spreads to Bunds are wider, led by BTPs and GGBs. Both Greece and Italy have issued bonds today, with the results of Italy’s Specialist tap still to be released.