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EGBS: Spreads To Bunds Wider On Weak PMIs & Equity Weakness

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Weakness in equities and softer-than-expected French & German PMI data support Bunds, with EGB spreads widening.

  • OAT/Bunds above 78bp for the first time since early August.
  • Elsewhere, French politics continue to promote uncertainty after the Conservative bias in the newly formed cabinet angered the leftist NPF, who have threatened to topple the government at the first opportunity.
  • Meanwhile, RN leader le Pen has stated that the new government has no future.
  • Note that the centre right group that dominates the cabinet does not have the votes to counter a no confidence motion.
  • Post-PMI dovish repricing in ECB-dated OIS failed to counter spread widening.
  • EUR 3m10y vol. little changed early today.
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Weakness in equities and softer-than-expected French & German PMI data support Bunds, with EGB spreads widening.

  • OAT/Bunds above 78bp for the first time since early August.
  • Elsewhere, French politics continue to promote uncertainty after the Conservative bias in the newly formed cabinet angered the leftist NPF, who have threatened to topple the government at the first opportunity.
  • Meanwhile, RN leader le Pen has stated that the new government has no future.
  • Note that the centre right group that dominates the cabinet does not have the votes to counter a no confidence motion.
  • Post-PMI dovish repricing in ECB-dated OIS failed to counter spread widening.
  • EUR 3m10y vol. little changed early today.