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MNI Europe Pi (Positioning Indicator): Reloading Shorts

BONDS
March's jump in bond market volatility has left all European futures in flat structural positioning, vs a mix of short/flat in our Mar 21 update. A fall in prices last week was accompanied by a rise in open interest, signalling renewed short-setting.
  • The broader context is that OI has begun to recover from mid-March lows induced by a short squeeze.
  • Last week OI rose across almost all the major contracts, vs sharp drops (led by Bobl -5.5% and BTP -5.7%) between Mar 14-21 (capturing the Credit Suisse crisis).

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