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Recovers from the session lows.

CROSS ASSET
  • Some global unwind across assets, from the lows in Bonds and Rates.
  • Similar price action in Equities, after the large sell off in EU Govies, as desks continued to price ECB's emergency measures exit, hence the pressure in peripherals this morning.
  • Bund is 50 ticks off the lows, BTP 60 ticks, after the Italian 10yr tested just short of next target at 1.90% = 139.20 (printed 139.32 low).
  • US ESH2 is at session high, as the US joins.

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