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Some divergence between Europe and the US

BONDS
  • EGBs and Bund have been under early pressure, potentially led ahead of the ECB TLTRO repayment announcement expected at 11.05GMT.
  • Despite the early selling futures contracts are off their lows at the time of typing.
  • Italian BTP is underperforming, pushing the BTP/Bund spread 4bps wider and widest since the 30th November.
  • All peripheral spread sits wider against the German 10yr in early trade, with Italy leading.
  • Gilt is mostly trading inline with Europe, although outperforms somewhat, but still in the red.
  • Gilt/Bund spread is 1.4bp tighter, but within past ranges.
  • There's a continued divergence between the US and Europe in the past few sessions, and Treasuries trade in the green, as well as the Eurodollar rate strip.
  • TYH3/Bund spread is lowest since 12th October.
  • Next immediate support will at that date's low, at 158.23bps.
  • A clear break through the latter, opens to 153.95bps, the October low, and tightest print since 22nd June.
  • Looking ahead, TLTRO will be up next, and later, sees US PPI and Prelim Michigan.
  • US Wholesale Inventories will be final reading.
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