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Italian politics still the talking point

EGB SUMMARY
  • It has generally been a mildly risk-on session today, albeit a bit quieter than normal with US cash markets closed. European equities are a bit higher, as are Bund yields. However peripheral spreads are a bit more mixed.
  • There continues to be focus on the political situation in Italy. Our political risk team expect the government to win today's confidence vote in the Chamber of Deputies. However, tomorrow's Senate vote may be more difficult without the support of Italia Viva whose senators are set to abstain.
  • BTP-Bund spreads have unwound much of the weakness seen earlier today.
  • Bund futures are down -0.34 today at 177.32 with 10y Bund yields up 1.9bp at -0.525% and Schatz yields up 0.6bp at -0.720%.
  • BTP futures are down -0.44 today at 150.90 with 10y yields up 3.0bp at 0.642% and 2y yields up 2.6bp at -0.307%.
  • OAT futures are down -0.34 today at 167.31 with 10y yields up 2.2bp at -0.299% and 2y yields up 0.5bp at -0.631%.
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