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Market Snapshot: SAGBs Retrace Losses, Commodities Ease Off Highs

  • Firmer global risk conditions supporting SAGBs today following Zelensky’s remarks stepping back from Ukraine’s goals of NATO accession yesterday. European equities are bid and US futures point to a higher open as commodities fall from yesterday’s highs.
  • SAGB yields stand -21-26bp lower today, almost fully paring yesterday’s +30bp move higher in 10-30Y tenors. 10Y yields are havering just above 10.40 support, while the 30Y eyes the 11.00 handle below.
  • USD/ZAR trades -0.69% lower, having paused at Sup1 around 15.2431. An easing in commodity prices may take the shine off ZAR, but markets will be monitoring the Russian response to assess whether progress can be made on a ceasefire. Although non-NATO accession may not be sufficient political gain for Putin to halt his ideological conquest.
  • Stocks are +1.28% higher this morning with Naspers & Prosus leading gains, while miners fall on dipping commodity prices.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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