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EGBS: Tight Ranges As Markets Await US CPI

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures have traded in a tight 17 tick range today, as markets await this afternoon’s US CPI report at 1330BST/1430CET. 

  • Today’s regional data data/issuance calendar has been limited (Italian August IP was a little weaker than expected).
  • Bunds are -18 ticks at 133.23. A continuation lower would strengthen a developing bearish threat, with key support at 132.65 (Sep 2 low).
  • German cash yields are 1-2bps higher today.
  • 10-year peripheral spreads to Bunds are biased tighter despite a pullback in European equities, with SPGBs outperforming. Spanish paper trades further through French counterparts as a result, with the 10-year SPGB/OAT spread 1bp tighter at -3.5bps.
  • The ECB’s September meeting accounts are released at 1230BST/1330CET. However, they will be even more stale than usual given the shift in consensus towards an October cut over the past 2/3 weeks, following the weak September flash PMI and inflation data. 
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Bund futures have traded in a tight 17 tick range today, as markets await this afternoon’s US CPI report at 1330BST/1430CET. 

  • Today’s regional data data/issuance calendar has been limited (Italian August IP was a little weaker than expected).
  • Bunds are -18 ticks at 133.23. A continuation lower would strengthen a developing bearish threat, with key support at 132.65 (Sep 2 low).
  • German cash yields are 1-2bps higher today.
  • 10-year peripheral spreads to Bunds are biased tighter despite a pullback in European equities, with SPGBs outperforming. Spanish paper trades further through French counterparts as a result, with the 10-year SPGB/OAT spread 1bp tighter at -3.5bps.
  • The ECB’s September meeting accounts are released at 1230BST/1330CET. However, they will be even more stale than usual given the shift in consensus towards an October cut over the past 2/3 weeks, following the weak September flash PMI and inflation data.