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Equities Off to a Mixed Start, But Core Fixed Income Under Pressure
After the firm positive close yesterday, European equity markets are consolidating this morning, with German stocks lower, the EuroStoxx 50 flat and Italian, UK markets a touch higher.
US stock futures managed to finish in the red yesterday, selling off early gains (prompted by Trump pondering a capital gains tax cut and news of a Russian COVID vaccine) after a new cycle high was printed in Tuesday Asia-Pac hours. Headed into the NY crossover, the e-mini S&P has recovered around 30 points off yesterday's lows with 3,379 the initial upside target ahead of the intraday record level of 3,397.50 printed back in February.
Despite mixed equity markets, core European fixed income trades heavy, with Bund trading particularly heavy as the pullback from cycle highs printed last week continues. Heavy supply in Europe today (German 2030 Bund, UK 2028 Gilt) continues to weigh. First key support for Bund futures sits at 175.95, the Jul 24 low.
Peripheral European/German 10y spreads are tighter as a result, with Spanish, Portuguese and Greek spreads seeing notable moves.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.