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Fade off their lows

BONDS
  • A more subdued start, as we begin a new week. Early price action, on the Bund cash open, was to fade, some of the Friday sell off.
  • After the initial small bid in Bund, early price action was to the downside, but mostly US driven.
  • Bund now trades at mid range 168.27.
  • Peripheral spreads are all tighter against the German 10yr. Italy is in the lead by 1.6bps, but we watch Portugal versus Bund this morning, with the spread making another attempt at sub 50bps, and nearing tightest levels since 2009.
  • Gilts are faring a little better and trade in green territory, pushing the Gilt/Bund spread a touch wider, but just by 0.4bp.
  • Treasuries were the early leader, initially testing lower, dragging EGBs.
  • But we have since faded off the lows and trade closer to mid range, as we await for the US to come in.
  • We have no real market moving data to start the week.
  • Notable speaker left for the session, is BoE Tenreyro.
  • While Earning season continues for Europe and the US, including Amazon, Apple, Alphabet, Facebook , Microsoft, Spotify, Twitter, to name a few. for this week.
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