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EUROZONE T-BILL ISSUANCE

W/C 7 November, 2022

BTP TECHS

(Z2) Finds Support

USDJPY TECHS

Support At The 50-Day EMA Remains Exposed

EUROSTOXX50 TECHS

(Z2) Outlook Remains Bullish

EURGBP TECHS

Clears First Resistance

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EGB SUMMARY
EGB SUMMARY: EGBs started slow but momentum began to build. The first move was
seen in the 7Y+ sector of the Italian curve and indeed, the Italian market has
been well bid all morning. The 10Y Bund-BTP spread is at its narrowest for a
year at 140bp, a 5bp move today.
- The limited supply on offer today was easily digested. Austrian nominals,
German and UK linkers and the last EFSF syndication of the year demonstrated an
elevated level of demand out there. Bunds leapt higher as these good
auction/syndication results filtered through. The RXZ7 contract surpassed
yesterday's high and topped out at 163.28. 
- German debt is also outperforming the swap curve quite smartly today, with the
RX invoice spread 0.8bp wider at 50.1bp.
- Data has been limited: Eurozone Sep retail sales were slightly firmer than
expected but this release is not considered to be a reliable monthly indicator.
That said, the trend in retail sales has been sharply higher since 2014. 
- On Bloomberg TV, the ECB's Lautenschaeger said the "I'm very confident that
the inflation rate will pick up". 

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