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€IG Supply & Tsys Pulling Back From Knee Jerk Highs Limits Rallies

EGBS

The combination of an ever-building €IG issuance slate (headlined by the previously outlined, new Belgian Jun ’43 paper, which will price “in the near future”), plus a move away from the knee-jerk reaction bests in Tsys in lieu of the softer than expected (noisy) NY empire manufacturing survey release and Fedspeak from the dovish ’23 voter Goolsbee mean that the recovery from the pre-data/Goolsbee lows in EGBs remain shallow. Still, early session lows in Bund & BTP futures haven’t been re-tested, while 10-Year BTPs hold tighter post-Fitch affirmation, albeit back from session tights.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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