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EGBS: Bunds Near Intraday Lows As IFO Bid Fades; Peripheral Spreads Tighter

EGBS

Bunds are close to intraday lows, after the brief IFO data-driven bid quickly faded.

  • All IFO sub-components were weaker-than-expected, consistent with the weakening of the flash June PMI last month.
  • Bund futures are -14 ticks at 132.39 after marking a session high of 132.72 post-data. Bunds remain within Friday’s range, with the current technical setup appearing to be a flag - a bullish continuation pattern.
  • 10-year OAT and BTP spreads to Bunds are around ~3bps tighter this morning. 
  • The 0.7% rally in European equity futures has supported spread tightening this morning, alongside a lack of meaningful change in the French political situation ahead of the first round of voting on Sunday 30 June.
  • The regional data calendar picks up towards the end of this week, with flash June inflation data from Spain, France and Italy.
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