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Off Intraday Highs After Rallying Alongside USTs

EGBS

{EU} EGBS: Off Intraday Highs After Rallying Alongside USTs

Core/semi-core EGBs are off intraday highs after rallying alongside USTs following today’s US survey data and the sell-off in oil futures.

  • The US ISM manufacturing survey saw a weaker than expected headline reading and a lower-than-expected prices paid component.
  • Taken alongside the >3% fall in Brent crude futures today, Bunds trade +60 ticks at 129.94, after reaching an intraday high of 130.16.
  • While natural gas futures are still over 5% higher today (following supply outages triggered by an abrupt halt to Norwegian gas flow), the retrace from intraday highs will have also eased pressure on EGBs.
  • German and French cash yields are 6 to 8.5bps lower today, with the belly of the curve outperforming.
  • 10-year peripheral spreads to Bunds have moved away from tightest levels, with European equity futures now trading on the defensive.
  • Tomorrow’s data calendar includes unemployment data from Spain and Germany, alongside issuance from Austria and Germany (who come to the market with both a conventional Schatz auction and a syndicated tap of the 2053 Green Bund).
  • Our ECB preview was released today. See here.
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