MNI: PBOC Net Drains CNY248 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1996 Tue; -1.92% Y/Y

MNI: US NOV FINAL MANUF PMI 49.7 (FLASH 48.8); OCT 48.5

MNI NBP WATCH: Another Policy Hold, Dovish Communications Tilt

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI:AUSTRALIA Q3 CURR ACCT BALANCE -14149M

MNI: UK BRC NOV BY VALUE SHOP SALES LFL -3.4% YY, TOTAL -3.3% YY

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Tuesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EGBS: Bunds Rally On Further Russia/Ukraine Escalation

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures rallied on reports that Russia may have conducted an attack on Ukraine using an ICBM this morning. Futures are currently close to intraday highs, up 38 ticks at 132.46.

  • Short-term gains are still considered corrective for now, with key resistance at the Nov 19 high of 132.99.
  • Support remains at 131.28, the November 14 low.
  • The German cash curve has bull steepened, with geopolitical fears supporting STIR markets. ECB-dated OIS price 141bps of easing through the end of 2025 (vs 138bps this morning).
  • 10-year EGB spreads to Bunds have widened amid the souring of risk sentiment. 
  • Sovereign supply from Spain and France was digested smoothly, with geopolitical developments outweighing any related pressure in the run-up to the bidding deadlines. French linkers are due at 1050GMT.
  • Today’s ECB speaker calendar is heavy. BdF’s Villeroy said US tariffs are not expected to significantly alter the inflation outlook in Europe, while Bank of Greece’s Stournaras re-iterated his dovish views. Several policymakers are still scheduled to speak today.
162 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Bund futures rallied on reports that Russia may have conducted an attack on Ukraine using an ICBM this morning. Futures are currently close to intraday highs, up 38 ticks at 132.46.

  • Short-term gains are still considered corrective for now, with key resistance at the Nov 19 high of 132.99.
  • Support remains at 131.28, the November 14 low.
  • The German cash curve has bull steepened, with geopolitical fears supporting STIR markets. ECB-dated OIS price 141bps of easing through the end of 2025 (vs 138bps this morning).
  • 10-year EGB spreads to Bunds have widened amid the souring of risk sentiment. 
  • Sovereign supply from Spain and France was digested smoothly, with geopolitical developments outweighing any related pressure in the run-up to the bidding deadlines. French linkers are due at 1050GMT.
  • Today’s ECB speaker calendar is heavy. BdF’s Villeroy said US tariffs are not expected to significantly alter the inflation outlook in Europe, while Bank of Greece’s Stournaras re-iterated his dovish views. Several policymakers are still scheduled to speak today.