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Potential risks ahead


Bund remains in a fairly tight range (171.63-171.84), ahead of a busier day.

  • German 5/30s support comes at 87.252, now at 88.029.
  • Some focus on European Services PMIs, mostly on Italy and Spain, as France Germany, EU and UK will be final readings, so unlikely to move the needle
  • Instead, although many desks don't expects much from the FOMC minutes, today sees Fed Evans, Barkin, Daly all discussing the Economy, while Fed Kaplan is in a Panel hosted by UBS
  • RISKS EVENTS: We keep our eyes open on any potential news from EMA regarding Astra, with a report expected likely later today, or at the latest tomorrow.
  • Also, ALL EYES on the UK and what the regulators might decide on Astra and younger people.
  • There are NO SET TIME for neither of these events
  • SUPPLIES: German 2026 EU 4bn (Equates 31.7k Bobl, or 13.6k Bunds), UK 2026,2046 (Equates combined 53k Gilts), which may keep the lid on the respective duration into the bidding deadline for the UK.
  • SYNDICATION: Italy 7, 50yr, and Portugal 10yr

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