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French and Spanish CPIs put pressure on Futures market

BONDS
  • Government Bonds futures fell across the board this morning, led by the French and Spanish CPIs coming above consensus.
  • German 10yr Yield printed a 2.664% high, highest level since August 2011, but has faded a little at the time of typing, now at 2.636%.
  • Peripheral spreads are all wider against the German 10yr, with Italy in the lead by 3.2bps, now trading at 185.7bps.
  • Gilt recovers from the lows, and back at session high, but a fairly tight range for the contract, 39 ticks.
  • Seeing very little in terms of volume on the pull back, more likely some Fast Money cover, for Gilt.
  • Recall that Month End is a non event for the UK, with Bloomberg and MS having contracting durations for this Month.
  • US Treasuries were kept under pressure, taking their cue from the European price action, but are also off their lows at the time of typing.
  • Month end is decent for the US today, so could get potential flow during the later part of the European session.
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