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EGBS: Yesterday’s Range Contains Price Action In Bund Futures

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Bund futures are -35 at 131.45, though price action has been contained by yesterday’s range ahead of tonight’s US election results. A bearish technical theme remains intact in Bund futures, with the October 31 low at 131.15 the first support.

  • Notable headline flow has been quite light, with EGBs pressured by stronger-than-expected Chinese PMI data overnight (and an associated bid in mainland equities) and, to a lesser extent, this morning’s RAGB supply.
  • The 10/20-year RAGB auction saw slightly softer bid-to-cover/issue ratios than the previous outing, but the lowest accepted prices exceeded the pre-auction mid-price in both lines.
  • French September industrial production was a little weaker than expected, but wasn’t a market mover.
  • 10-year peripheral spreads to Bunds are biased wider, with PGBs underperforming. The PGB/Bund spread is 1.3bps wider today at 49bps.
  • US ISM services data headlines this afternoon’s global macro calendar, before ECB Executive Board member Schnabel speaks at 1830GMT/1930CET.
  • Fallout from the US election results will be in focus tomorrow morning.
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Bund futures are -35 at 131.45, though price action has been contained by yesterday’s range ahead of tonight’s US election results. A bearish technical theme remains intact in Bund futures, with the October 31 low at 131.15 the first support.

  • Notable headline flow has been quite light, with EGBs pressured by stronger-than-expected Chinese PMI data overnight (and an associated bid in mainland equities) and, to a lesser extent, this morning’s RAGB supply.
  • The 10/20-year RAGB auction saw slightly softer bid-to-cover/issue ratios than the previous outing, but the lowest accepted prices exceeded the pre-auction mid-price in both lines.
  • French September industrial production was a little weaker than expected, but wasn’t a market mover.
  • 10-year peripheral spreads to Bunds are biased wider, with PGBs underperforming. The PGB/Bund spread is 1.3bps wider today at 49bps.
  • US ISM services data headlines this afternoon’s global macro calendar, before ECB Executive Board member Schnabel speaks at 1830GMT/1930CET.
  • Fallout from the US election results will be in focus tomorrow morning.