Futures A Touch Lower; Peripheries Wider

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.