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EGBs soft on the open

BOND SUMMARY

After trading in a tight range overnight, Bunds have opened on the back foot this morning, falling 20 ticks at the time of writing to 176.12. BTPs have also opened lower at 149.45, despite the soft start for European equities.

  • Focus today will be on Q3 GDP numbers from Europe - we have already had a better than expected French number and note that Lagarde flagged the potential for upside surprises to Q3 numbers yesterday. However, we will also be watching as other Eurozone countries are expected to announce wider lockdown measures, in what could increasingly begin to look like a coordinated lockdown across the region.
  • There will also be focus on month end rebalancing and the MNI Chicago Business Barometer and Michigan sentiment surveys will both be released.
  • Our technical analyst notes that Bunds push higher yesterday negates Wednesday's candle, keeping the focus on the 176.29 initially, the Oct 16 high.
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