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EGBS: Pressured By Equity Rally, Spanish/French Supply

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures are -38 ticks at 133.82, with today’s equity rally and Spanish/French supply weighing. Regional focus remains on the ECB decision at 1315BST/1415CET, where a 25bp cut is unanimously expected and essentially fully priced by markets.

  • MNI’s ECB preview is here: https://mni.marketnews.com/4f32RSD
  • Initial support in Bund futures is 133.69, shielding the Oct 15 low at 133.30.
  • Eurozone September final HICP was revised a tenth lower on a rounded basis to 1.7% Y/Y (unrounded 1.74%), but was not a market mover.
  • Obli/MT OAT supply from Spain and France saw decent results, with a French linker auction still due this morning.
  • 10-year EGB spreads to Bunds are tighter, again led by BTPs and GGBs. The BTP/Bund spread has narrowed over 25bps from the September wides, currently 1.5bps tighter today at 121bps.
  • US data (retail sales and jobless claims) will also generate interest between the ECB decision and press conference.
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Bund futures are -38 ticks at 133.82, with today’s equity rally and Spanish/French supply weighing. Regional focus remains on the ECB decision at 1315BST/1415CET, where a 25bp cut is unanimously expected and essentially fully priced by markets.

  • MNI’s ECB preview is here: https://mni.marketnews.com/4f32RSD
  • Initial support in Bund futures is 133.69, shielding the Oct 15 low at 133.30.
  • Eurozone September final HICP was revised a tenth lower on a rounded basis to 1.7% Y/Y (unrounded 1.74%), but was not a market mover.
  • Obli/MT OAT supply from Spain and France saw decent results, with a French linker auction still due this morning.
  • 10-year EGB spreads to Bunds are tighter, again led by BTPs and GGBs. The BTP/Bund spread has narrowed over 25bps from the September wides, currently 1.5bps tighter today at 121bps.
  • US data (retail sales and jobless claims) will also generate interest between the ECB decision and press conference.