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Remain Softer Following Yesterday's US Moves

EGBS

Core EGBs remain softer with curves bear steepening following events in the US post-close, with futures sitting close to intraday lows at typing.

  • Catalysts in the US were the weak 30Y auction and hawkishly perceived remarks from Fed Chair Powell (though, as MNI noted at the time, Powell's remarks were broadly in line with the latest FOMC presser). Domestic headline flow has been light otherwise with little on the data docket.
  • Bund futures are down -0.84 today at 129.60 with 10y Bund yields up 8.4bp at 2.729% and Schatz yields up 4.7bp at 3.048%. OATs sit similarly at mid-long tenors but 2Y yields are only up 3.0bps at present.
  • In the periphery space, spreads to Bunds are a touch tighter. The 10-Yr BTP/Bund spread is currently 1.0bps tighter at 185.4bps. This morning saw Italian supply, industrial production data and news that the ECB have accepted Scope Ratings in the Eurosystem framework - none of which weighed significantly on BTPs.
  • ECB-speak once again highlights the agenda today, with Lagarde speaking at 1230 GMT and Nagel at 1520GMT.
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