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Move Off Intraday Highs To Sit Near Flat

EGBS

Core/semi-core EGBs have moved away from intraday highs to trade near unchanged on the day.

  • There has been little in the way of notable headline flow this morning, with Spanish PPI the only scheduled data release. This was unsurprisingly was not a market mover.
  • Bunds are -5 ticks at 133.12. Friday's gains are considered corrective and futures remain in a bear mode condition. The first support and bear trigger is the Feb 22 low at 131.78.
  • German and French yields are 1-2bps higher today. Curve flattening continues to be apparent, with the German 2s10s -1.0bps flatter at -50.3bps on the day after falling almost 9bps through last week.
  • 10-year periphery spreads to Bunds are mixed. The 10-year BTP/Bund spread is +0.9bps wider at 144.6bps, still holding onto the majority of last Friday's compression.
  • Remarks are scheduled from ECB's Stournaras at 1130GMT/1230CET, while Lagarde speaks in EU Parliament at 1600GMT/1700CET.
  • Thursday/Friday's inflation data provides the main focal point for the region this week.
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