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BONDS: Recovery from Lows As 2.40% In Bunds Holds

BONDS
BulletMarketsFixed Income Bullets

Little to report when it comes overt drivers for the recovery from lows in core global FI markets.

  • Seems to coincide with the failure of bears to push German 10-Year yields meaningfully above 2.40%. Today’s high in yields (2.403%) and low in Bund futures (132.85) now present the initial technical targets for bears.
  • Futures back to 133.15 last, while yields are 3.0-5.5bp higher on the day, curve bear steepens.
  • Recovery from lows in equities helps promote peripheral spread tightening on the recovery from session lows in EGBs. Spreads now flat to 1bp tighter on the day, with OATs and BTPs moving to outperformers after leading this morning’s widening. 
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Little to report when it comes overt drivers for the recovery from lows in core global FI markets.

  • Seems to coincide with the failure of bears to push German 10-Year yields meaningfully above 2.40%. Today’s high in yields (2.403%) and low in Bund futures (132.85) now present the initial technical targets for bears.
  • Futures back to 133.15 last, while yields are 3.0-5.5bp higher on the day, curve bear steepens.
  • Recovery from lows in equities helps promote peripheral spread tightening on the recovery from session lows in EGBs. Spreads now flat to 1bp tighter on the day, with OATs and BTPs moving to outperformers after leading this morning’s widening.