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EGBS: Tight Ranges As Early Rally Fades

EGBS
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Bund futures have traded in a 37-tick range today, currently +1 at 133.45. A continuation of the recent selloff would strengthen a developing bearish threat.

  • The Oct 7 low at 133.40 and round number support at 133.00 shield key support at 132.65, the Sep 2 low.
  • Core FI found light support this morning after weakness in equity and crude oil prices overnight (with markets disappointed by a lack of fresh Chinese stimulus), but the moves have faded.
  • Today's dual trance EU-bond syndication will be the largest since 2022, with E11bln of 3/15-year EU-bonds tapped.
  • German August industrial production was stronger than expected, but was not a major market mover.
  • The usually hawkish Nagel said he was open to an October ECB cut, while Vasle stressed that such a move wouldn’t guarantee another cut in December.
  • 10-year peripheral spreads to Bunds have moved away from intraday wides as European equities stabilise a little.
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Bund futures have traded in a 37-tick range today, currently +1 at 133.45. A continuation of the recent selloff would strengthen a developing bearish threat.

  • The Oct 7 low at 133.40 and round number support at 133.00 shield key support at 132.65, the Sep 2 low.
  • Core FI found light support this morning after weakness in equity and crude oil prices overnight (with markets disappointed by a lack of fresh Chinese stimulus), but the moves have faded.
  • Today's dual trance EU-bond syndication will be the largest since 2022, with E11bln of 3/15-year EU-bonds tapped.
  • German August industrial production was stronger than expected, but was not a major market mover.
  • The usually hawkish Nagel said he was open to an October ECB cut, while Vasle stressed that such a move wouldn’t guarantee another cut in December.
  • 10-year peripheral spreads to Bunds have moved away from intraday wides as European equities stabilise a little.