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EGBS: Tighter As Equities Rally, But OATs Underperform

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

10-year EGB spreads to Bunds are generally tighter this morning following the strong equity market rally, with OATs the notable exception.

  • Overnight tailwinds to equities included strong revenue forecasts from US tech name Micron and further speculation around China stimulus measures.
  • The OAT/Bund spread is little changed this morning at 79bps, with yesterday’s headlines surrounding further fiscal slippage still weighing. See here for more: https://marketnews.com/oat-wider-as-armand-highlights-fiscal-fragility
  • The BTP/Bund spread is 2bps narrower at 133bps, but remains slightly above yesterday’s tightest levels of ~132bps.
  • Italian Government officials have seemingly ruled out a tax on bank profits, but continue to push for a contribution from the financial sector.
  • Eurozone money supply data and the ECB’s Economic Bulletin are due at the top of the hour, with appearances from Lagarde, de Guindos and Schnabel also scheduled later.
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10-year EGB spreads to Bunds are generally tighter this morning following the strong equity market rally, with OATs the notable exception.

  • Overnight tailwinds to equities included strong revenue forecasts from US tech name Micron and further speculation around China stimulus measures.
  • The OAT/Bund spread is little changed this morning at 79bps, with yesterday’s headlines surrounding further fiscal slippage still weighing. See here for more: https://marketnews.com/oat-wider-as-armand-highlights-fiscal-fragility
  • The BTP/Bund spread is 2bps narrower at 133bps, but remains slightly above yesterday’s tightest levels of ~132bps.
  • Italian Government officials have seemingly ruled out a tax on bank profits, but continue to push for a contribution from the financial sector.
  • Eurozone money supply data and the ECB’s Economic Bulletin are due at the top of the hour, with appearances from Lagarde, de Guindos and Schnabel also scheduled later.