German FI futures trade marginally mixed......>

BUNDS: German FI futures trade marginally mixed ahead of European hours, sitting

at best levels on the back of the softer than exp. Chinese PMI numbers, and soft

earnings from both Alphabet & Samsung Electronics. Schatz -0.5 tick, Bobls

unch., Bunds +5 ticks. The Eurex re-open was delayed by technical issues.

- Monday saw focus fall on the periphery, namely Italy & Spain avoiding "worst

case scenarios" in their respective sovereign rating review & general election.

- This saw core EGBs pressured in early trade on Monday. The remainder of the

session saw the German FI complex track Tsys, with Bund futures closing at lows

on Monday, while 10-Year Bund yields closed marginally above 0.0%.

- Today, domestic focus falls on state and national flash CPI data, in addition

to unemployment figures. Select national CPI & GDP data from across the Eurozone

will also take focus, with the advance EZ GDP print due this morning, alongside

broader EZ labour market data.

- On the supply front, Germany will come to market with Schatz, while this

week's broader cash flow focus falls on large redemptions and coupons from Spain

& Italy, which will likely lend support to the periphery.