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EGBS: Bund Futures Close To Intraday Lows Ahead of EZ-wide Flash HICP

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures trade close to intraday lows, currently -61 at 131.36, with continued post-budget weakness in Gilts spilling over into EGBs.

  • An upside surprise to Italian flash October inflation could see the Eurozone-wide release (due at 1000GMT/1100CET) print a tenth above consensus on a rounded basis at 2.0% Y/Y.
  • This morning, French flash HICP was in line with consensus at 1.5% Y/Y.
  • ECB-dated OIS have held onto yesterday’s hawkish repricing, with 30bps of easing priced through December. This morning, ECB President Lagarde added little new to the policy debate in an interview published by LeMonde.
  • German cash yields are just over 4bp higher across the curve.
  • Further weakness in European equities and another uptick in EUR 3m10y swaption vol sees 10-year peripheral spreads to Bunds skewed wider. 
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Bund futures trade close to intraday lows, currently -61 at 131.36, with continued post-budget weakness in Gilts spilling over into EGBs.

  • An upside surprise to Italian flash October inflation could see the Eurozone-wide release (due at 1000GMT/1100CET) print a tenth above consensus on a rounded basis at 2.0% Y/Y.
  • This morning, French flash HICP was in line with consensus at 1.5% Y/Y.
  • ECB-dated OIS have held onto yesterday’s hawkish repricing, with 30bps of easing priced through December. This morning, ECB President Lagarde added little new to the policy debate in an interview published by LeMonde.
  • German cash yields are just over 4bp higher across the curve.
  • Further weakness in European equities and another uptick in EUR 3m10y swaption vol sees 10-year peripheral spreads to Bunds skewed wider.