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EGBS: Bunds Within Yesterday’s Range, Bund Supply Due At 1030BST.

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures remain within yesterday’s range, currently +22 at 133.67. Core FI found light support from a downtick in equity futures at the European cash open, but the moves have faded.

  • German cash yields are -0.5 to -1.5bps lower, with the curve lightly bull flattening.
  • 15-year Bund supply is due at 1030BST. RV should facilitate smooth digestion, with the 10/15/20-year fly trading at its highest since January this year.
  • Bank of Slovakia Governor Kazimir said he could not rule out an October ECB cut, a somewhat less hawkish stance than when he last spoke on September 16.
  • Stournaras and Villeroy also offered support for an October cut earlier this morning.
  • The German August trade surplus was larger than expected but wasn’t a market mover.
  • 10-year EGB spreads to Bunds are ~1bp wider, but OAT and BTP spreads remain within yesterday’s ranges.
  • The remainder of today’s regional calendar is light.
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Bund futures remain within yesterday’s range, currently +22 at 133.67. Core FI found light support from a downtick in equity futures at the European cash open, but the moves have faded.

  • German cash yields are -0.5 to -1.5bps lower, with the curve lightly bull flattening.
  • 15-year Bund supply is due at 1030BST. RV should facilitate smooth digestion, with the 10/15/20-year fly trading at its highest since January this year.
  • Bank of Slovakia Governor Kazimir said he could not rule out an October ECB cut, a somewhat less hawkish stance than when he last spoke on September 16.
  • Stournaras and Villeroy also offered support for an October cut earlier this morning.
  • The German August trade surplus was larger than expected but wasn’t a market mover.
  • 10-year EGB spreads to Bunds are ~1bp wider, but OAT and BTP spreads remain within yesterday’s ranges.
  • The remainder of today’s regional calendar is light.