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EGBS: Bunds Off Intraday Highs Despite Equity, Oil Selloff

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures are off intraday highs despite the continued selloff in crude oil prices and the more recent pullback in European equities. 

  • After reaching an intraday high of 133.72 this morning, Bunds now trade at 133.62 (+48 ticks today).
  • The contract continues to trade below the 20- and 50-day EMAs, keeping a bearish theme intact.
  • French final September HICP was revised down a tenth on a M/M and Y/Y basis (adding to a four tenth downward surprise to the flash estimate), while Spanish final HICP confirmed flash estimates.
  • The German ZEW survey saw the expectations component a little better than expected but the current situation a little worse.
  • The ECB's Q3 Bank Lending Survey pointed to unchanged lending standards for firms in Q3, although demand for loans picked up modestly despite remaining "weak overall".
  • German cash yields are 3.5 to 4bps lower today, while major EGB spreads to Bunds have moved away from intraday tights as equities weaken.
  • Canadian CPI headlines this afternoon’s global macro calendar.
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Bund futures are off intraday highs despite the continued selloff in crude oil prices and the more recent pullback in European equities. 

  • After reaching an intraday high of 133.72 this morning, Bunds now trade at 133.62 (+48 ticks today).
  • The contract continues to trade below the 20- and 50-day EMAs, keeping a bearish theme intact.
  • French final September HICP was revised down a tenth on a M/M and Y/Y basis (adding to a four tenth downward surprise to the flash estimate), while Spanish final HICP confirmed flash estimates.
  • The German ZEW survey saw the expectations component a little better than expected but the current situation a little worse.
  • The ECB's Q3 Bank Lending Survey pointed to unchanged lending standards for firms in Q3, although demand for loans picked up modestly despite remaining "weak overall".
  • German cash yields are 3.5 to 4bps lower today, while major EGB spreads to Bunds have moved away from intraday tights as equities weaken.
  • Canadian CPI headlines this afternoon’s global macro calendar.