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BUNDS

Leaning bull flatter on the open

SILVER TECHS

Consolidating

GOLD TECHS

Watching Support

WTI TECHS

(U1) Holding Onto Recent Gains

BRENT TECHS

(U1) Extends Gains

EQUITY TECHS

E-MINI S&P (U1): Northbound

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Core fixed income has moved higher this morning, reversing some of its losses yesterday. Treasuries are slightly outperforming gilts and Bunds.

  • Focus this morning has been on the inaugural NGEU transaction with books of over E107bln when the final spread was set. We continue to look for a transaction size of E10-12bln but note that three is a legal limit of E20bln to syndication sizes.
  • Looking further ahead we note that there will be focus on US PPI ahead of tomorrow's FOMC meeting. The Bloomberg median looks for 0.5% M/M, but the mode looks for 0.6%.
  • TY1 futures are up 0-4 today at 132-20+ with 10y UST yields down -1.3bp at 1.483% and 2y yields down -0.1bp at 0.158%.
  • Bund futures are up 0.13 today at 172.77 with 10y Bund yields down -1.0bp at -0.262% and Schatz yields down -0.3bp at -0.681%.
  • Gilt futures are up 0.03 today at 127.95 with 10y yields down -1.0bp at 0.730% and 2y yields down -0.2bp at 0.065%.