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Softer In Spite Of Crude Weakness

EGBS

Core/semi-core EGBs have recovered from the day's weakest levels but remain softer on the day. This morning's oil market weakness will have eased pressure on the space, but did little to reverse the course of price action.

  • Bunds are -16 at 133.10, trading within well-defined technical parameters that have contained price action through this week.
  • The German and French cash curves have bear steepened, with the impending 10-year Bund supply also weighing on the wider space.
  • Periphery spreads to Bunds are generally a touch tighter, with European equity markets having pared this morning's losses. The 10-year BTP/Bund spread remains below 150bps, currently -1.2bps at 147.5bps.
  • Flash February consumer confidence headlines today's Eurozone data docket at 1500GMT/1600CET, expected at -15.5 (vs -16.1 prior).
  • Tomorrow sees the release of February flash PMIs, with the usual focus on inflation dynamics.
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