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Free AccessIt has been a risk-on,..................>
EGB SUMMARY: It has been a risk-on, re-inflationary day with European equity
indices moving 2-4.5% higher on the day, led by the DAX. Hopes of a COVID
vaccine have increased while large parts of Europe have seen some further easing
of lockdown measures. A number of European regulators also withdrew the ban on
short selling equities.
- It has been a fairly active day of issuance with Germany, the Netherlands and
France issuing bills, Slovakia and Belgium selling bonds (plus announcing a
10-Yr $ syndication) and Italy starting retail sales of the new BTP Italia.
- The largely risk-on mood has seen Bunds move lower, albeit not as much as
higher beta Treasuries, while peripheral spreads are all generally tighter on
the day, led by BTP-Bund spreads. ** Latest levels:
* Jun Bund futures (RX) down 43 ticks at 173.31 (L: 173.25 / H: 174.09)
* Germany: The 2-Yr yield is up 1.5bps at -0.713%, 5-Yr is up 2bps at -0.706%,
10-Yr is up 2.7bps at -0.504%, and 30-Yr is up 3.2bps at -0.063%.
* Jun BTP futures (IK) up 66 ticks at 138.43 (L: 137.52 / H: 138.85)
* Italy / German 10-Yr spread 9.9bps tighter at 229.5bps
To read the full story
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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.