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Pressured By NRW CPI

BUNDS

German fixed income futures move lower in the wake of NRW CPI data, which topped the expectations for the German national reading. The NRW CPI readings stood at +10.1% Y/Y & +1.8% M/M vs. BBG median expectations of +9.5% & +1.5% for the corresponding national prints.

  • NRW holds a 21.7% weighting in the German national CPI reading.
  • In terms of the details, the unwind of the 9-Euro ticket scheme was a key driver in the uptick, as expected, while fuel prices, clothing and food also contributed (looking at the M/M drivers).
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German fixed income futures move lower in the wake of NRW CPI data, which topped the expectations for the German national reading. The NRW CPI readings stood at +10.1% Y/Y & +1.8% M/M vs. BBG median expectations of +9.5% & +1.5% for the corresponding national prints.

  • NRW holds a 21.7% weighting in the German national CPI reading.
  • In terms of the details, the unwind of the 9-Euro ticket scheme was a key driver in the uptick, as expected, while fuel prices, clothing and food also contributed (looking at the M/M drivers).