Futures Briefly Through Friday’s Low As Euro STOXX 50 Futures Move Off Lows

Little in the way of meaningful headline flow to flag when it comes to the move away from best levels of the session in Bund futures, which leads us pointing to an uptick from session lows in Euro STOXX 50 futures around the cash equity open (VG1 futures are still 20 points lower on the day, while the cash equivalent is 0.5% worse off) as the main driver. Bund futures push through their overnight base on the move, briefly taking out Friday’s low in the process, before backing off from worst levels to trade -10 or so on the day, ~10 ticks off the base of the contract’s 35 tick session range. The major German cash benchmarks now run 1bp cheaper to little changed, with a light flattening move seen on the curve.