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EGBS: Weaker As Markets Await US NFP Report

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Major EGB futures have weakened through this morning, with markets awaiting today’s US labour market report (1330BST/1430CET).

  • Bund futures lightly outperform Gilts after comments from BoE Chief Economist Pill (see our UK-centric posts for more there), but remain -54 ticks today at 134.26, piercing the Sep 27 low.
  • A fresh uptick in crude oil futures will have kept pressure on core FI, while today's industrial production data from France and Spain were not market movers.
  • The EU will able to impose sizeable tariffs on Chinese-made electric vehicles for a period of five years after member states approved the measures.
  • Selling interest has been prevalent in Schatz and Bobl futures, helping the German cash curve bear flatten. 2-year yields are 5bps higher, with 30-year yields up 3bps.
  • 10-year peripheral spreads to Bunds remain tighter today, with little obvious catalyst to note. The 130bp handles provides a key level in the BTP/Bund spread.
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Major EGB futures have weakened through this morning, with markets awaiting today’s US labour market report (1330BST/1430CET).

  • Bund futures lightly outperform Gilts after comments from BoE Chief Economist Pill (see our UK-centric posts for more there), but remain -54 ticks today at 134.26, piercing the Sep 27 low.
  • A fresh uptick in crude oil futures will have kept pressure on core FI, while today's industrial production data from France and Spain were not market movers.
  • The EU will able to impose sizeable tariffs on Chinese-made electric vehicles for a period of five years after member states approved the measures.
  • Selling interest has been prevalent in Schatz and Bobl futures, helping the German cash curve bear flatten. 2-year yields are 5bps higher, with 30-year yields up 3bps.
  • 10-year peripheral spreads to Bunds remain tighter today, with little obvious catalyst to note. The 130bp handles provides a key level in the BTP/Bund spread.