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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.
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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.