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Spreads A Little Wider As Equities Struggle

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EGB spreads to Bunds a little wider on the day given the heavy start for equities and softer-than-expected services PMI data from Spain & Italy,

  • Major spreads that we monitor are 0.5-2.0bp wider at this stage.
  • OAT/Bunds continues to operate in the low 70bp area, unable to hold any breaks below the round number in recent weeks.
  • Continued French political uncertainty and warnings surrounding a further deterioration in public finances from French Finance Minister Le Maire dominate French headline flow this week, posing OAT widening risk.
  • French sovereign credit rating announcements and Budget deadlines are set to provide notable points of interest through the end of October, on top of the French political situation.
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EGB spreads to Bunds a little wider on the day given the heavy start for equities and softer-than-expected services PMI data from Spain & Italy,

  • Major spreads that we monitor are 0.5-2.0bp wider at this stage.
  • OAT/Bunds continues to operate in the low 70bp area, unable to hold any breaks below the round number in recent weeks.
  • Continued French political uncertainty and warnings surrounding a further deterioration in public finances from French Finance Minister Le Maire dominate French headline flow this week, posing OAT widening risk.
  • French sovereign credit rating announcements and Budget deadlines are set to provide notable points of interest through the end of October, on top of the French political situation.