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FOREX

FX SUMMARY- USD better offered

ITALY AUCTION RESULTS

0% Nov-22 BTP Short Term / 0.15% May-51 BTPei

FRANCE AUCTION PREVIEW

On offer next week

EURIBOR

EURIBOR FIX

EQUITIES

US Futures Up, But Just Off All-Time Highs

COMMODITIES

Precious Metals Higher With Dollar A Little Softer

EGBs-GILTS: Choppy Start

BOND SUMMARY

A choppy start in the core FI space, with Bunds and Gilts lower though within ranges, and periphery spreads flat/marginally wider.

  • The usual themes underlying it all: COVID lockdowns and UK-EU talks (with a shot of US fiscal stimulus negotiations on the side).
  • Immediate focus is on issuance this morning, highlighted by the EU's sale of 10- and 20-Yr SURE social bonds via syndication. Germany sells Sep-22 Schatz for E4bln, while the UK sells 1.25% Nov-32 Gilt linker for GBP0.6bln.
  • Less interesting is data (nothing 1st tier); but speaker-wise we hear from BoE's Vlieghe at 1030BST, w ECB's de Cos at 1250BST.

Latest levels:

  • Dec Bund futures (RX) down 3 ticks at 176.08 (L: 176.06 / H: 176.24)
  • Dec Gilt futures (G) down 5 ticks at 136.62 (L: 136.62 / H: 136.75)
  • Dec BTP futures (IK) down 10 ticks at 149.33 (L: 149.23 / H: 149.58)
  • Italy / German 10-Yr spread flat at 134.8bps
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com