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Focus on German supply this morning

BUNDS

Risk off has been leading cross assets yesterday and overnight.

  • Food Beverage and Tobacco were the poorest performers during yesterday's European session, after report that the US government may only allow cigarettes with nicotine levels so low they'd no longer be addictive.
  • Broader risk off is taking hold, as investors start to discount the hope of a "Summer boom", following record global Covid spikes and vaccination pace concerns,
  • Bund look better offered on the margin since the cash open, as Equity Futures bounce off the lows, albeit still trading in tight 170.76-170.90 range
  • No tier 1 data, so early morning focus will turn to the German 10yr EU4bn supply (Equates ~26.7k Bund)
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