- PolicyPolicy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts - Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- CommoditiesCommodities
Real-time insight of oil & gas markets
- Data
- MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessInverting Further
Weakness in German fixed income accelerates in recent trade, with the cheapening hastening as Bund futures breached previous session lows.
- While there hasn’t been much in the way of fresh headline flow, some have outlined a delayed reaction to the bid in crude oil futures (now off best levels) and cross-core FI market impulses as key drivers.
- Elsewhere, the gradual inclusion of the impact from a RTRS sources piece ran this morning, which noted that “Germany's Finance Minister Christian Lindner is planning net new debt of EUR16.6bn for the ‘24 federal budget, which includes record spending on defence,” has probably weighed. The sources went on to note that “the financial plan shows new borrowing falling to EUR15.0bn by 2027” and they estimate “there is still a gap of EUR14.4bn in the midterm budget plan.”
- Bund futures last print -45, just above lows and within recent session ranges, while the German cash benchmarks are 1-7bp cheaper. The bear flattening momentum is also aided by similar moves on the Gilt curve and the bid in oil, allowing the 2-/10-Year German yield curve to press to a fresh cycle extreme.
To read the full story
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Why MNI
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.