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Focus remains on Russia

BUNDS
  • An uneventful overnight session for Bund, but the contract still see its 10yr yield edging at highest levels since November 2015.
  • Next upside target in yield terms is seen at the November 2018 high, 0.468%, which today would Equate to 159.81.
  • Very short term, today, downside may be somewhat limited for the Futures contract, with likely positioning ahead of the weekend, later in the session.
  • Russia remains at the forefront, and continues to be the near term driver.
  • Russia are expected to keep their Rates unchanged at 20% today.
  • Overnight source piece (as per Bloomberg):
  • "China’s muted response to Russia’s invasion of Ukraine has hardened views within the Biden administration that President Xi Jinping may be moving closer to supporting Moscow as the conflict continues, according to several people familiar with the matter."
  • Biden will speak with Xi at 09.00ET/13.00GMT.
  • Today sees very little in terms of market moving data.
  • SPEAKERS: Fed Kashkari, Barkin, Bowman.
  • Ratings: S&P on Spain, Fitch on Belgium, Moody's/DBRS on Greece
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