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Russia/Ukraine talks continue today

BUNDS
  • A more steady overnight session for Bund, in terms of wide ranges, with the contract trading 5k pre cash open.
  • Initial support remains at the 0.655% = 157.31.
  • Resistance moves down to yesterday's high 168.67.
  • Moves have clearly been rate related, with the largest moves happening and Govies and rates and the likes of the Yen that is influenced not only by Risk, but also by yield.
  • Looking at Estoxx futures (VGM2) it has only traded in a 131 points range for the past 8 sessions (3735/3866).
  • There are no Tier 1 or market moving data for today.
  • Earlier headline on Russia, is that they now hope for a quick progress in talks, which continues today in Turkey.
  • As reported overnight by the FT: " Russia is no longer requesting Ukraine be “denazified” and is prepared to let Kyiv join the EU if it remains militarily non-aligned as part of ceasefire negotiations, according to four people briefed on the discussions"
  • SUPPLY:: US $47bn 7yr Notes.
  • SYNDICATION; EFSF Sep 28
  • SPEAKERS: ECB de Cos, and Fed Williams, Harker, but unlikely to hear anything new

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