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July 11, 2018 14:40 GMT
Renewed speculation over a more.........>
EGB SUMMARY
EGB SUMMARY: Renewed speculation over a more hawkish ECB rate hike trajectory
pushed EGBs lower in early afternoon, with Bunds giving up most earlier gains.
- EGBs faltered shortly after 1300BST on a Reuters source story quoting ECB
policymakers in a split over the timing for a 2019 hike, with the central
disagreement over the meaning of maintaining rates `through summer`.
- Bund Sep8 futures remain up 8 ticks on the day at 162.46, but well off the
high of 162.80 reached amid concern over US/China trade tensions.
- Longer-dated Euribor futures gave up all earlier gains. Blue contracts dropped
a tick following the ECB story, now flat on the day; Reds/Greens off 0.5 ticks.
- MNI PINCH calculates 4bps of a hike in the ECB deposit rate in September 2019
up from 3.5bp prior to the story hitting the wires. For October, 8.5bp of rate
hikes priced vs 8bps previously, and for December it is 13bps vs 12.5bps.
- Periphery EGBs weakened but have recovered somewhat; 10-year Italian BTP
yields up 2.3bps at 2.694%, with Spanish 10s up 2.0bps at 1.298%.
- Following well-covered auctions today for Portugal and Germany, Italy and
Ireland go to market Thursday, tapping medium/long term issues.
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