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Risk on feel

BUNDS
  • Small offers are emerging in Bunds, as Etsoxx futures breaks out above the October high and eye immediate resistance at 4100.00 (30th Sep high)
  • Equities lead assets in early trade, with USD turning offered on the back of the risk on.
  • German 5/30s is testing session high, but zooming out of the chart, we trade at flattest levels since the 1st of September.
  • Medium, longer term outlook is unchanged and tilted to the downside, but desk have favoured fading moves ahead of the 2021 peak in 10yr yield at -0.074%= circa 168.05.
  • Nothing of real note on the data front, with all eyes on anything inflationary for markets.
  • US PPI is the notable release.
  • SUPPLIES: Ireland 2031, 2045, 2051
  • SPEAKERS ECB Elderson, Knots, Fed Bullard, Bostic, Barkin, Daly, BoE Mann Cunliffe but given the subject likely a non event.
  • Most interesting one will possibly be BoE Tenreyro.
  • US Earning season continues and today includes Bofa, Walgreens, United Health, Wells, MS and Citi.

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