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Some big moves and divergence in Europe

CROSS ASSET
  • Some peculiar price actions, OAT still under pressure, while the Schatz and Bund are seeing big lifts here, over 5k respectively, seems to help Euribor to session high.
  • OAT/Bund spread jumps to 7bps wider on the divergence, some of the price action could be related to the spread in the Core Govies as it breaks out towards the 65bps level.
  • FX also saw some selling of the EUR across the board.
  • There's been some spurious news reports doing the rounds on social media - speculating on Macron's possible resignation should the right-wing win the legislative elections in early elections , but be very aware, it is difficult to source the original report, but it's being picked up elsewhere, and as such cross assets have now reversed the initial move.
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