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Late Equity Roundup: Mildly Lower on Week


Remains Above The 50-Day EMA

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EGB SUMMARY: In summary, not much has happened and the Bund contract has been
stuck between 163.88 and 163.99 all day, having hit the top end of that range 3
times and the bottom end 4 times.
- The Bund contract did open stronger than yesterday in response to the dovish
FOMC Minutes but is now marking time until the ECB Account of the Monetary
Policy Meeting at 12.30BST. 
- Early on in the trading session, there was a decent bid for the 30Y area of
Italy and the sector remains the best performing within EGB space. Clearly, this
is the highest yielding (liquid) bond in the Eurozone and encapsulates the theme
today: yield-hunting.
- On the data front, the final Eurozone HICP data perfectly matched the flash
release and so lacked any market impact. Strong UK retail sales data briefly
pushed the Bund contract down 3-4 cents but this was quickly clawed back. 
- Longer dated swap and futures contract invoice spreads are hitting recent
wides and the 10-Year Bund-Portuguese spread is close to a 19 month low at

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