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EMA approving Pfizer-Biontech vaccine reverses much of the early strength

EGB SUMMARY
  • After a strong start to the morning session with little progress on Brexit negotiations and concerns surrounding the new Covid-19 strain in the UK, EGB's have given up much of the day's gains at the time of writing.
  • The sell-off was initially triggered by news that the EMA had approved the use of the Pfizer-Biontech vaccine and saw more downside on further EMA headlines that there was no evidence that the vaccines wouldn't work with the new strain. Peripheral spreads have also come in on the headlines, but remain 1.5-2.0bp wider on the day for 10-year Italian, Spanish and Portuguese spreads.
  • Bund futures are up 0.16 today at 177.82 with 10y Bund yields down -1.1bp at -0.585% and Schatz yields down -1.0bp at -0.744%.
  • BTP futures are down -0.07 today at 151.67 with 10y yields up 0.4bp at 0.568% and 2y yields up 1.8bp at -0.413%.
  • OAT futures are up 0.05 today at 167.79 with 10y yields down -0.6bp at -0.340% and 2y yields up 1.0bp at -0.707%.
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