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EGBS: Weaker As Global Core FI Pulls Back From Yesterday’s Highs

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Global core FI has pulled back from yesterday’s highs, with Bund futures -50 ticks today at 135.38. There hasn’t been an obvious catalyst for the move, with markets seemingly deeming yesterday’s rally as overdone, and waiting for further updates on the Israel/Iran situation.

  • Impending 10-year Bund supply is likely weighing on German bonds, with regional headline flow otherwise light.
  • The German cash curve has bear steepened, reversing much of yesterday’s bull flattening. 5 to 30-year German yields are 4 to 5bps higher at typing.
  • The 10-year OAT/Bund spread has widened back to 79bps (vs a low of 74bps yesterday), after PM Barnier’s Parliamentary address did little to ease existing fiscal concerns.
  • The Italian August unemployment rate reached its lowest level since September 2007 at 6.2%, but the BTP/Bund spread was little moved (currently +1bp wider at 134bps). 
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Global core FI has pulled back from yesterday’s highs, with Bund futures -50 ticks today at 135.38. There hasn’t been an obvious catalyst for the move, with markets seemingly deeming yesterday’s rally as overdone, and waiting for further updates on the Israel/Iran situation.

  • Impending 10-year Bund supply is likely weighing on German bonds, with regional headline flow otherwise light.
  • The German cash curve has bear steepened, reversing much of yesterday’s bull flattening. 5 to 30-year German yields are 4 to 5bps higher at typing.
  • The 10-year OAT/Bund spread has widened back to 79bps (vs a low of 74bps yesterday), after PM Barnier’s Parliamentary address did little to ease existing fiscal concerns.
  • The Italian August unemployment rate reached its lowest level since September 2007 at 6.2%, but the BTP/Bund spread was little moved (currently +1bp wider at 134bps).