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EGBS: Firmer Alongside Core FI, Markets Eye US CPI

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures followed USTs higher overnight and currently trade just short of intraday highs, +35 ticks at 135.12. This week’s rally has exposed key resistance and the bull trigger at 135.66, the August 5 high.

  • Vice President Harris was deemed the winner of last night’s presidential debate, prompting an unwind of “Trump trades” centred around reflation and fiscal easing.
  • Today’s regional calendar has otherwise been light, with primary macro focus on the US CPI report at 1330BST/1430CET.
  • Today’s 10-year Bund supply was digested smoothly, but pre-auction hedging pressure may have contributed to the intraday tightening in broader EGB spreads (alongside a move off overnight lows in European equities).
  • A reminder that the ECB are unanimously expected to cut rates by 25bps at tomorrow’s meeting.
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Bund futures followed USTs higher overnight and currently trade just short of intraday highs, +35 ticks at 135.12. This week’s rally has exposed key resistance and the bull trigger at 135.66, the August 5 high.

  • Vice President Harris was deemed the winner of last night’s presidential debate, prompting an unwind of “Trump trades” centred around reflation and fiscal easing.
  • Today’s regional calendar has otherwise been light, with primary macro focus on the US CPI report at 1330BST/1430CET.
  • Today’s 10-year Bund supply was digested smoothly, but pre-auction hedging pressure may have contributed to the intraday tightening in broader EGB spreads (alongside a move off overnight lows in European equities).
  • A reminder that the ECB are unanimously expected to cut rates by 25bps at tomorrow’s meeting.