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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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Thursday has seen a cautious start to FI trading, ahead of the Bank of England decision at 1200BST and Spanish and French bond supply.

  • Bund and Gilt futures are higher, but yields are a little higher too vs Wednesday's cash close, with some modest bear flattening in the UK curve. Periphery spreads a little tighter.
  • Spain sells up to E5bln of bonds and E0.75bln of linker; France selling up to E7.5bln of OAT.
  • Earlier, June German factory orders data impressed to the upside; French IP was in line. That's about it for European data (construction PMIs are largely ignored).
  • ECB Economic Bulletin out at 0900BST; BoE press briefing at 1300BST. For the BoE meeting as a whole, the voting dynamics and sequencing guidance will be closely eyed.

Latest levels:

  • Sep Bund futures (RX) up 28 ticks at 177.22 (L: 177.05 / H: 177.3)
  • Sep Gilt futures (G) up 18 ticks at 130.32 (L: 130.21 / H: 130.38)
  • Sep BTP futures (IK) up 25 ticks at 155.22 (L: 154.98 / H: 155.25)
  • Italy / German 10-Yr spread 0.6bps tighter at 104.8bps