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Focus remains on the US Employment data.

BONDS
  • EGBs and Bund remain close to yesterday's afternoon settlement levels, albeit so far underpinned with Equities.
  • Price action has been more flow led, with short cover, squaring in Equities and Govies, which started during yesterday's afternoon European session.
  • Bund trades within two gaps, up to 138.13 to the upside and down to 136.46/136.31 to the downside.
  • BTP future outperforms somewhat, pushing the BTP/Bund spread 2.8bps tighter in early trade.
  • Gilt underperforms Europe, and the contract is flat at the time of typing.
  • Gilt/Bund spread is tighter, but still short of the 120.00bps support, now at 124.3bps.
  • US Treasuries are lagging and pretty mixed, with the 5 and 10yr (TY, FV) trading around flat.
  • Most notable flow for the US, has been a large call seller, especially ahead of the NFP.
  • TYZ2 112.75c has been sold in 35k total this morning.
  • Looking ahead, all the focus is on the US this afternoon, with range for NFP of 80k/300k, median 195k and whisper of 245k.
  • Speakers, sees ECB Lagarde, BoE Pill and Fed Collins.
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