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Equities lead early price action

BUNDS
  • Bund is seeing some early offers after the overnight session saw some unwinding in Equities
  • Indices are consolidating some of their losses yesterday, albeit still short of yesterday's best level.
  • That was a 5% fall since Friday's best levels for VGZ1 and 3.13% yesterday
  • Early price action is once again led by Equities, with bid in Estoxx, limiting upside in Bunds.
  • We have no tier 1 data for the whole session
  • In term of events, we get Swedish rate and presser which won't impact Bund of course.
  • ECB de Guindos (voter, Dove) is the notable speaker.
  • SUPPLIES: Early focus will be on German EU3bn 7yr (Equates 33.4k Bobl, or 14.5k Bunds).
  • Out of the US $24bn 20yr.

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