Trial now
ARGENTINA

Beef Exports Deal Expected, CPI Due

BOND SUMMARY
BOND SUMMARY: It has been an eventful start to the quarter with core fixed
income seeing a significant sell-off.
- The sell-off started as stocks rallied on the back of some decent buying of
equities, but then moved further. The sell-off continued as the BoJ said that it
may stop buying longer-dated debt over 25 years. The Italian budget has also
been seen as a positive while the probability of a no deal Brexit continues to
decline in betting markets.
- Economic data this morning contrasted with the moves seen in fixed income. PMI
data from the Scandies, Spain and Italy all disappointed slightly with minimal
revisions to the preliminary data from the core Eurozone and the UK PMI seeing a
better than expected headline print but disappointing details. There will be
focus on the ISM later, particularly after the disappointing MNI Chicago PMI
yesterday.
- TY1 futures are down -0-18 today at 129-24 with Bund futures down -0.80 at
173.45 and Gilt futures down -0.76 at 133.48.