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Pausing After Covid Concerns

EGB SUMMARY

After seeing Bunds moving higher and peripheral spreads widening
on both Monday and Tuesday, today has seen some respite from these moves.
After a quiet morning Bunds are a bit lower this afternoon (although still well
above yesterday's lows) while peripheral spreads have generally tightened a bit
but semi-core spreads have widened.

  • Covid headlines have not moved the docket so much across Europe today,
    unlike the past two days which have seen second wave concerns driving
    Bunds higher and spreads wider.
  • The US has confirmed it will withdraw 12,000 troops from Germany. This
    comes after months of Trump accusing Germany of not meeting the NATO
    spending targets.
  • Bund futures are down -0.14 today at 176.99 with BTP futures up 0.15 at
    147.02 and OAT futures down -0.17 at 168.46.
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