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Risk-on and forecast optimism see Bunds sell off and peripherals bid

EGB SUMMARY
  • A risk-on mood has seen core fixed income fall across the board with EGBs also moved by a Bloomberg sources story that stated the ECB's forecasts are "said to show more confidence in economic outlook". Bund moves are largely in line with gilts but peripheral spreads are noticeably tighter.
  • Focus is now turning to the ECB meeting tomorrow with no material change in policy expected with the market focused on the ECB's language surrounding the euro (after comments from key policymakers recently that the level of the euro does matter) and surrounding the future ECB framework after the Fed has announced its move to average inflation targeting.
  • Bund futures are down -0.51 today at 173.74 with 10y Bund yields up 2.8bp at -0.468% and Schatz yields up 1.2bp at -0.699%.
  • BTP futures are up 0.09 today at 145.01 with 10y yields unch at 1.027% and 2y yields down -1.7bp at -0.105%.
  • OAT futures are down -0.39 today at 167.42 with 10y yields up 2.6bp at -0.170% and 2y yields down -0.8bp at -0.646%.
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