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EGBS: Futures Off Lows Following Decent Spanish and French Auctions

EGBS
BulletEurozoneFixed Income BulletsMarkets

Major EGB futures are off session lows, with this morning’s Spanish and French nominal supply now in the rear-view. 

  • Bund futures are -7 ticks at 131.45. A bearish technical theme is in play after the breach of 132.12, a trendline drawn from the Jan 15 low. Initial support is yesterday’s low at 131.26, before 131.00 (Jan 24 low) and 130.94 (2.60% 10-year yield level).
  • German yields are up to 1bp lower across the curve.
  • This morning’s Bono/Obli and MT OAT auctions saw solid demand metrics. France will also hold a linker auction at 1050GMT.
  • The 10-year BTP/Bund spread is 1.5bps tighter at ~106.5bps, with European equity futures partially retracing yesterday’s ~1.5% selloff.
  • Flash February Eurozone consumer confidence headlines today’s regional calendar at 1500GMT. The increasing trend since September 2022 has stalled somewhat in recent months, and consensus (-14.0) expects only a slight improvement from January’s -14.2 reading.
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Major EGB futures are off session lows, with this morning’s Spanish and French nominal supply now in the rear-view. 

  • Bund futures are -7 ticks at 131.45. A bearish technical theme is in play after the breach of 132.12, a trendline drawn from the Jan 15 low. Initial support is yesterday’s low at 131.26, before 131.00 (Jan 24 low) and 130.94 (2.60% 10-year yield level).
  • German yields are up to 1bp lower across the curve.
  • This morning’s Bono/Obli and MT OAT auctions saw solid demand metrics. France will also hold a linker auction at 1050GMT.
  • The 10-year BTP/Bund spread is 1.5bps tighter at ~106.5bps, with European equity futures partially retracing yesterday’s ~1.5% selloff.
  • Flash February Eurozone consumer confidence headlines today’s regional calendar at 1500GMT. The increasing trend since September 2022 has stalled somewhat in recent months, and consensus (-14.0) expects only a slight improvement from January’s -14.2 reading.