February 12, 2025 12:45 GMT
MNI Europe Pi: Long Reduction / Short Setting Continues
Structural positioning across most European futures contracts remains relatively flat.
EXECUTIVE SUMMARY:
- Structural positioning across most European futures contracts remains relatively flat, with most looking similar to our last full Europe Pi update on Jan 28. Again, this contrasts with longer-leaning positioning at the very end of 2024.
- BTP and OAT stand out for being long and short, respectively, with Buxl (short) the lone German contract not in flat territory.
- We continue to see longs reduced and shorts set across contracts, including over the most recent week of trade.
Full PDF Analysis:
- GERMANY: German contracts are largely flat (Schatz, Bobl, Bund), with Buxl standing out at short. The most recent week saw mostly longs reduced (shorts were set in Bund).
- OAT: OAT is in short positioning (was "very short" in our last update). Recent trade suggests long reduction.
- GILT: Gilt structural positioning remains flat. The most recent week saw trade indicative of long reduction.
- BTP: BTP has returned to its usual structural long positioning, after briefly touching flat territory in January. Shorts were set in the most recent week of trade.

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