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EGBS: Bund Futures Drift Lower As Equities and Crude Strengthen

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures have drifted a little lower through the morning, currently -24 ticks today at 134.88. Impending Bund supply will be capping upside in futures, with stronger European equities and crude oil also weighing.

  • Today's regional data was not market moving. The final Eurozone November services PMI was revised three tenths higher to 49.5, while the Italian print saw a notably lower-than-expected reading (49.2 vs 50.8 cons). October EZ PPI was in line with consensus at 0.4% M/M.
  • French PM Barnier’s minority government is set to face a no confidence vote today, with pre-vote debating set to start at 1500GMT/1600CET. The 10-year OAT/Bund spread is 1.5bps tighter today at 83bps ahead of that event.
  • German cash yields are 2-3bps higher, with the curve flattening a touch. 10-year Bund supply is due at 1030GMT – Germany’s last issuance operation of the year.
  • The bid in equities has left 10-year peripheral spreads to Bunds up to 1.5bps tighter.
  • Market focus turns to today’s US data, alongside ECB President Lagarde’s appearance before EU Parliament at 1330GMT/1430CET.
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Bund futures have drifted a little lower through the morning, currently -24 ticks today at 134.88. Impending Bund supply will be capping upside in futures, with stronger European equities and crude oil also weighing.

  • Today's regional data was not market moving. The final Eurozone November services PMI was revised three tenths higher to 49.5, while the Italian print saw a notably lower-than-expected reading (49.2 vs 50.8 cons). October EZ PPI was in line with consensus at 0.4% M/M.
  • French PM Barnier’s minority government is set to face a no confidence vote today, with pre-vote debating set to start at 1500GMT/1600CET. The 10-year OAT/Bund spread is 1.5bps tighter today at 83bps ahead of that event.
  • German cash yields are 2-3bps higher, with the curve flattening a touch. 10-year Bund supply is due at 1030GMT – Germany’s last issuance operation of the year.
  • The bid in equities has left 10-year peripheral spreads to Bunds up to 1.5bps tighter.
  • Market focus turns to today’s US data, alongside ECB President Lagarde’s appearance before EU Parliament at 1330GMT/1430CET.