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Off Intraday Highs But Remain Firmer; Peripheries Mixed

EGBS

Core/semi-core EGBs are off intraday highs after beginning the day firmer, lagging Gilts in the process.

Softer-than-expected average weekly earnings data out of the UK alongside a JGB-inspired rally in the Asia-Pac session provided the initial dovish impetus.

There were no clear headlines to promote the move off session bests for Bund and OAT futures, while order-related flow likely drove weakness in Bobl and Schatz.

That still leaves Bund futures up 0.43 ticks today at 135.06, well short of the first resistance of 135.81 (Dec 7 high). Yields are lower across the curve, with 2s10s in France and Germany bull flattening.

Peripheries are mixed, with the BTP/Bund spread 1.4bps tighter at 177.8bps and Greek/Portuguese spreads to Bunds wider.

The German and Eurozone ZEW investor surveys both saw increases in their expectations components, with more German respondents looking for ECB rate cuts in the medium term. The German current situation component improved vs November but still fell short of consensus.

The rest of today's domestic docket is light, with main focus on the US CPI report for November at 1330GMT.

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