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Focus on supply this morning

BUNDS
Bund are off the opening high (177.23), on small pullbacks off the lows
in Equities (VGU0 and ESU0).
  • Still a fairly tight range (177.13-177.29 low/high) ahead of US FOMC
    later today.
  • For Europe some focus on French Consumer Confidence, Spanish
    Retail sales, and Italian PPI, but these are unlikely to move the needle.
  • Attention this morning will be supply, with Germany selling
    EU3.5bn of 0% 2035 Bonds.

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