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Equities are back at session high

CROSS ASSET
  • A really mixed start so far this morning across assets, Equities and Govies initially sold off, keeping the USD underpinned.
  • Estoxx has fully reversed, in turn providing a bounce in Govies, and some selling in USD.
  • It is pretty thin in terms of volumes, and moves are more likely flow driven.
  • Although 1bp wider for the Gilt/Bund spread, focus is still on the initial support at 120.00bps, which has held last week, now at 124.2bp.

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