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Firming In Early Trade

EGBS

Following fresh selling in Asian equity markets, European sovereign bonds have traded firmer at the start of the European morning session.

  • Last week's hawkish FOMC pivot has undermined the reflation theme and continues to loom in the background.
  • OATs are outperforming EGBs in early trade with long end yields pushing down 3bp. President Macron and the far-right leader Marine Le Pen fared poorly in the first round of regional elections this weekend. Since Macron and Le Pen are the main challengers for next year's presidential election, this weekend's results suggest potential for a a more fractured result, in turn stoking uncertainty around the 2022 vote.
  • Core and periphery yields are broadly 1-3bp lower in the belly/long-end with curves bull flattening.
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