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Steeper Overnight


Kiwi Starts The Week On The Back Foot


RBA Minutes In Focus


A bit of bull flattening so far in Bunds and Gilts, coming off early lows, with periphery spreads steady.

  • Equities flat/lower; USD weaker.
  • An unusual supply calendar this morning. In syndication: UK launches new 30-Yr linker, while Spain sells 50-Yr. Also German linker auction, Netherlands Jul-31 DSL via DDA.
  • ECB's Visco speaks at 1030GMT, Lane at 1500GMT. Not much in data today (German exports a little better than expected; Italy IP up shortly).

Latest levels:

  • Mar Bund futures (RX) up 12 ticks at 176.24 (L: 175.96 / H: 176.28)
  • Mar Gilt futures (G) up 15 ticks at 132.46 (L: 132.22 / H: 132.46)
  • Mar BTP futures (IK) up 12 ticks at 152.81 (L: 152.53 / H: 152.83)
  • Italy / German 10-Yr spread 0.1bps tighter at 95.2bps
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