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EQUITY TECHS

E-MINI S&P (Z1): Watching The 50-Day EMA

BUNDS

Quick tech - At new intraday low

US TSY FUTURES

Extending Sell-Off

US TSY OPTIONS

Huge 5Y Put Buyer

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German and UK yields finished a little off session lows after what appeared to be late-afternoon (1500BST onward) profit-taking into the close Tuesday as equities bounced.

  • Curves flattened, with short-end weakening (Gilts notably so ahead of BoE decision Thursday). 10Y Bund yields touched a fresh 6-month low at -0.492%; Gilts went as low as 0.50% (near the Jul low). Periphery EGB spreads edged lower.
  • Today, Austria sold E1.3bln of 4-/10-Yr RAGBs, and the UK sold E2.0bln of Jul-51 Gilt. Wednesday sees Germany sell E4bln of Bobl.
  • Little in data / speakers; Weds sees final Services PMIs, with first/only readings for Spain and Italy.

Closing Yields / 10-Yr Periphery EGB Spreads To Germany

  • Germany: The 2-Yr yield is up 0.4bps at -0.771%, 5-Yr is up 0.7bps at -0.748%, 10-Yr is up 0.5bps at -0.482%, and 30-Yr is unchanged at -0.011%.
  • UK: The 2-Yr yield is up 2.3bps at 0.057%, 5-Yr is up 0.5bps at 0.23%, 10-Yr is down 0.1bps at 0.52%, and 30-Yr is down 1.2bps at 0.946%.
  • Italian BTP spread down 1bps at 104.8bps / Spanish down 0.5bps at 71.5bps