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EGBS: German Curve Twist Steepens As US Election Result Digested

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

The German curve has twist steepened this morning, as global markets digest the US Presidential Result. The negative Eurozone growth implications of increased US tariffs has prompted a dovish repricing in 2025 ECB implied rates, driving a 10bp fall in German 2-year yields.

  • 15-year Bund supply is due at 1030GMT/1130CET.
  • Bund futures are +36 ticks at 131.81, but the technical trend condition remains bearish.
  • Lingering concerns around the stability of the German traffic-light coalition remain, with talks amongst Chancellor Scholz and his partners Lindner and Habeck set to resume this evening.
  • 10-year peripheral spreads to Bunds are slightly wider.
  • The final October Eurozone composite and services PMIs saw upward revisions, but were not market movers.
  • ECB’s Vujcic, Lagarde, de Guindos and Villeroy are all scheduled to speak this afternoon.
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The German curve has twist steepened this morning, as global markets digest the US Presidential Result. The negative Eurozone growth implications of increased US tariffs has prompted a dovish repricing in 2025 ECB implied rates, driving a 10bp fall in German 2-year yields.

  • 15-year Bund supply is due at 1030GMT/1130CET.
  • Bund futures are +36 ticks at 131.81, but the technical trend condition remains bearish.
  • Lingering concerns around the stability of the German traffic-light coalition remain, with talks amongst Chancellor Scholz and his partners Lindner and Habeck set to resume this evening.
  • 10-year peripheral spreads to Bunds are slightly wider.
  • The final October Eurozone composite and services PMIs saw upward revisions, but were not market movers.
  • ECB’s Vujcic, Lagarde, de Guindos and Villeroy are all scheduled to speak this afternoon.