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Europe and US Govies extend their fall.

BONDS
  • EGBs and Bund were sold from the get go, on the Bund cash open, a follow through, following the Hawk Fed yesterday.
  • Bund and BTP futures open gap lower, overnight for Bund and on the cash open for BTP.
  • The Italian 10yr saw a 129 ticks lower gap, but futures are off their lows at the time of typing.
  • Gilt saw similar move with just over 100 ticks opening gap.
  • The Gilt/Bund spread continues to tighten, by just 1.5bps so far today, but the spread is at its tightest level since the 31st August.
  • Support is at 1.20bps, now trading at 122.00bps.
  • Treasuries have led lower with some notable clip seller on the European open.
  • Next support in TYZ2 is seen further out, towards 109.13.
  • Looking ahead, the main focus is on the BoE and an expected 75bps hike, as well as Bailey presser.
  • Out of the US, on the data front, today include US Services PMIs, but final reading.
  • US Factory orders and ISM Services Index are the notable data for this afternoon.
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