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Key Support Still Exposed


Topping 50-day EMA


J&J Drags on Dow, DJIA Underperforms

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A quieter tone to Thursday vs Wednesday's furore over AstraZeneca vaccine safety, with volumes relatively subdued and equities on the front foot. Gilts underperforming and German curve mixed, while periphery spreads are a little tighter.

  • Another heavy day of issuance, mainly auctions today vs Wednesday's syndications: Spain sells up to E5.5bn of Bono/Obli and E1bn of linkers; France sells up to E11bn of OAT; UK sells GBP2.75bn of 10-Yr Gilt.
  • In the only European Tier 1 data of the day, German Feb factory orders made a 3-month high in Feb but were below expected (and Jan revised down).
  • No scheduled speakers though ECB's Lane reiterated in a Handelsblatt guest article that maintaining "favorable financing conditions is essential for a return to inflation"; ECB's Knot noted also in a CNBC interview of the need to avoid the premature tightening of financing conditions.

Latest levels:

  • Jun Bund futures (RX) up 12 ticks at 171.79 (L: 171.63 / H: 171.83)
  • Jun Gilt futures (G) down 4 ticks at 128.16 (L: 128.13 / H: 128.25)
  • Jun BTP futures (IK) up 28 ticks at 149.27 (L: 148.97 / H: 149.36)
  • Italy / German 10-Yr spread 2bps tighter at 99.7bps