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Risk on drives cross assets

BOND SUMMARY
  • Bonds were initially trading higher on the back of risk off, on Russia tension, but market reversed course after some report that Russian Legislator backs off wider separatist recognition claim.
  • It's another big trading session for Bund, way above averages, with most of the bulk of the volumes happening during the morning European session.
  • This has been the trend for the past 2 weeks.
  • Peripheral spreads are mostly flat, but Greek/Bund edges wider, by 1.6bps.Immediate resistance is at the February high (widest) 235.9306, which was the highest level since May 2020.N
  • onetheless, better is seen at the 240bps area..
  • Gilts have traded inline with Bund, and this can be seen via the flat Gilt/Bund spread.
  • Looking ahead, focus remains squarely on Russia.
  • On the data front, out of the US, sees PMIs.
  • Speakers, Include BoE Ramsden and Fed Bpstic
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