Free Trial

Futures Little Changed, Supply From France & Spain Eyed


Roughly in line with exp. German PPI data (+0.1% Y/Y & -0.3% M/M) did little for Bunds around the old futures open, with the contract hovering just above unchanged levels as of typing. This comes after yesterday’s pull back from best levels, with the contract last showing ~110 ticks off yesterday’s high.

  • Late Wednesday saw the usual round of dovish comments from Greek central bank chief Stournaras.
  • Comments from fellow ECB Governing Council member Villeroy will cross later today. Villeroy is the only scheduled ECB speaker ahead of the Bank’s quiet period (with the address set to focus on the French current a/c).
  • Regional data releases scheduled for today include Eurozone current a/c and consumer confidence readings, as well as French confidence metrics.
  • On the supply front, Spain will come to the market this morning to hold a Bono/Olbi auction for E5.5-6.5bln (2.80% May-26 Bono, 1.40% Apr-28 Obli, 3.90% Jul-39 Obli & the 1.00% Oct-50 Obli). Meanwhile France will come to market with a MT OAT auction for E11-12bln (2.50% Sep-26 OAT, the 2.75% Feb-29 OAT & the 0.75% May-28 OAT). France will then return later to launch the new 0.60% Jul-34 OATei, for E1.75-2.25bln.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.