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EGBS: Softer Start

EGBS
BulletEurozoneFixed Income BulletsMarkets

Bund futures a little softer overnight as e-minis and oil tick higher.

  • Contract last -30 at 133.24.
  • Initial support and resistance 133.72/135.02, bearish technical cycle remains intact.
  • ECB speak over the weekend generally stuck to script (more to come on that in the regular morning STIR bullet).
  • Franch PM Bayrou is still yet to form a cabinet, he previously stated that he wanted to form one by Christmas at the latest.
  • The Socialist Party has noted that Bayrou has so far failed to show sufficient willingness to break away from predecessor Barnier’s policies/ideologies.
  • No meaningful OAT/Bund widening signal from futures ahead of the cash open.
  • U.S. durable goods and consumer confidence data due today, little of note scheduled from Europe.
  • On the supply front, no EGB auctions, syndications or redemptions are expected this week, owing to the holiday period. Coupon payments are negligible. 
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Bund futures a little softer overnight as e-minis and oil tick higher.

  • Contract last -30 at 133.24.
  • Initial support and resistance 133.72/135.02, bearish technical cycle remains intact.
  • ECB speak over the weekend generally stuck to script (more to come on that in the regular morning STIR bullet).
  • Franch PM Bayrou is still yet to form a cabinet, he previously stated that he wanted to form one by Christmas at the latest.
  • The Socialist Party has noted that Bayrou has so far failed to show sufficient willingness to break away from predecessor Barnier’s policies/ideologies.
  • No meaningful OAT/Bund widening signal from futures ahead of the cash open.
  • U.S. durable goods and consumer confidence data due today, little of note scheduled from Europe.
  • On the supply front, no EGB auctions, syndications or redemptions are expected this week, owing to the holiday period. Coupon payments are negligible.