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EGBS: Off Lows As Equities and Oil Move Lower

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Major EGB futures have recovered from intraday lows, now little changed versus yesterday’s settlement levels. Bund futures are +3 at 134.59, after troughing at 134.37 earlier.

  • Supply-related pressure, largely stemming from today’s EU and Italian syndications, has been countered by a reversal lower in European equities and a downtick in crude oil futures.
  • Weak industrial production data from Italy and Spain did not have any tangible market impact.
  • German cash yields are little changed across the curve, while 10-year peripheral spreads to Bunds are slightly wider.
  • ECB-dated OIS price 63bps of easing through the remainder of this year. The MNI Policy Team’s latest sources piece reaffirmed a quarterly cutting cycle as the base case amongst policymakers. A 25bp cut remains unanimously expected at Thursday’s meeting.
  • The remainder of today’s regional calendar is light, with US events (tonight’s presidential debate, tomorrow’s CPI report) set to dominate ahead of the ECB meeting.
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Major EGB futures have recovered from intraday lows, now little changed versus yesterday’s settlement levels. Bund futures are +3 at 134.59, after troughing at 134.37 earlier.

  • Supply-related pressure, largely stemming from today’s EU and Italian syndications, has been countered by a reversal lower in European equities and a downtick in crude oil futures.
  • Weak industrial production data from Italy and Spain did not have any tangible market impact.
  • German cash yields are little changed across the curve, while 10-year peripheral spreads to Bunds are slightly wider.
  • ECB-dated OIS price 63bps of easing through the remainder of this year. The MNI Policy Team’s latest sources piece reaffirmed a quarterly cutting cycle as the base case amongst policymakers. A 25bp cut remains unanimously expected at Thursday’s meeting.
  • The remainder of today’s regional calendar is light, with US events (tonight’s presidential debate, tomorrow’s CPI report) set to dominate ahead of the ECB meeting.