Free Trial

It`s been one-way traffic to the........>

EGB SUMMARY
EGB SUMMARY: It`s been one-way traffic to the upside for EGBs across the board
Monday, on light trading and with a minimum of data / news flow.
- Bunds recovered some of the losses seen last week, with long end
outperforming: The 2-Yr yield is down 1.4bps at -0.733%, 5-Yr is down 2.7bps at
-0.596%, 10-Yr is down 3.8bps at -0.248%, and 30-Yr is down 5bps at 0.336%.
- BTPs strengthened all day, with 10-Yr spread / Bunds touching fresh post-May
2018 lows below 190bps, down 5.6bps on the day. Reports that Salvini may seek
early elections in September helping drive gains.
- Spain + Portugal 2-3bps tighter to Bunds; Greece flat on the day.
- Decent upside in longer-dated Euribor (+3.5-4 ticks) but on very light volume.
- Tues sees ECB's Villeroy at a Bretton Woods anniversary conference, and a bit
more data flow (German ZEW the highlight). Latest futures prices:
* Sep Bund futures (RX) up 59 ticks at 172.27 (L: 171.49 / H: 172.42)
* Sep BTP futures (IK) up 93 ticks at 138.63 (L: 137.47 / H: 138.78)
* Sep OAT futures (OA) up 55 ticks at 164.58 (L: 163.95 / H: 164.72)

To read the full story

Close

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.