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Move Away From Session Highs Extends

EGBS

An uptick in oil futures and a move off lows in benchmark European equity index futures has probably helped apply some light pressure to EGBs over the last couple of hours, although we haven’t seen anything on the fundamental front to flag as a clear catalyst re: the recent move to fresh session cheaps.

  • Bund futures last show -20, with bears looking to yesterday’s low in the contract/cycle highs in yield terms.
  • German cash benchmarks sit 1bp richer to 3.5bp cheaper, twist steepening as the long end leads the way away from French PMI-inspired bests.
  • Core/semi-core spreads are little changed to Bunds, while GGBs and BTPs widen by 1-2bp on the day.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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