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EGBS: Fade From Post-JOLTS Highs Alongside USTs

EGBS

Core/semi-core EGBs registered fresh session highs alongside US Tsys on the back of the US JOLTS data before fading.

  • The small upward revision to March’s quits rate will have helped core FI away from highs, though overall the report still signals loosening labour market conditions with job openings pulling back and job churn remaining steady.
  • Friday’s nonfarm payrolls release remains the main focus, not least because it is a more recent read (May) on labour market dynamics.
  • Bunds are +44 at 130.41, after reaching a post-data high of 130.78.
  • German cash yields are 3.5 to 4.5bps lower at typing, while 10-year peripheral spreads to Bunds remain wider with equity markets still softer today.
  • The 10-year BTP/Bund spread briefly retraced the todays widening post-JOLTS but has since drifted back to the ~133bps level to trade 3bps wider today.
  • Tomorrow’s regional focus will be the May services PMIs (final reads for Germany, France and the Eurozone), alongside a E3bln tap of the 2.40% Nov-30 Bund.
     
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