MNI Europe Pi (Positioning Indicator):........>

BONDS: MNI Europe Pi (Positioning Indicator): Schatz And Bund Go Short.

- The past fortnight has seen long positions reduced overall in Schatz and Bund

futures, with BTP extreme longs getting pared back slightly as well.

- Following two months of relatively unchanged positioning we are starting to

see some movement in the 2- and 10-yr German segments.

- Schatz positioning has moved from flat to short since our last update on April

29, back to levels seen for much of the Dec-Mar period. Bunds have also gone

from flat to the shortest positioning since late November 2018.

- Bobl remains long and Buxl remains flat (though both saw longs set last week).

- OAT structural positioning has remained flat since early February, with short

cover seen last week.

- Gilt positioning remains flat, but longs were set last week with net

positioning continuing to move away from the extreme shorts seen in late March.

- BTP structural positioning has moved to merely long, from late April when we

saw the most extreme longs in at least a year. 

- For full analysis see PDF: https://emedia.marketnews.com/MNI-PI-13052019.pdf