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Futures A Touch Lower; Peripheries Wider

EGBS

Core/semi-core EGB futures are broadly unchanged to a touch lower this morning, with Bunds having traded in a tight 36 tick range.

  • Bunds are -3 at 132.23, with the Feb 22 low at 131.78 still the first support and bear trigger.
  • Today's sovereign supply slate (most notably new 5/10-year BTP issues from Italy) will be helping to cap rallies.
  • The EC February business confidence survey printed below consensus, with a pullback in services and manufacturing sector price expectations of particular note, but the release had a limited impact on the space.
  • Comments from the ECB's de Guindos did not add much new to the policy debate (reiterating data, not date, dependency).
  • The French and German cash curves have steepened for the third consecutive day, but most of last week's bear flattening has still held.
  • 10-year Periphery spreads to Bunds are generally wider, with European equities down a touch this morning.
  • The remainder of today's regional docket is light.
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