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Sticking to a tight range ahead of US PPI

EGBS
  • Bund futures have stuck to around a 20 tick range this morning, trading largely sideways after moving higher ahead of the European cash close yesterday. Spreads are generally a little tighter in line with global risky assets with equities a bit higher on the day.
  • The final Spanish HICP print was unrevised from the flash while the German ZEW survey disappointed - expectations falling to their lowest level since January while the current situation also moved a little lower.
  • We still have a Schatz auction (results upcoming shortly) but the biggest risk for EGBs today is likely to be US PPI at 13:30BST / 14:30CET.
  • Bund futures are up 0.11 today at 134.52 with 10y Bund yields up 0.3bp at 2.226% and Schatz yields down -0.3bp at 2.383%.
  • BTP futures are up 0.13 today at 119.18 with 10y yields down -1.2bp at 3.627% and 2y yields down -1.5bp at 2.886%.
  • OAT futures are up 0.07 today at 126.39 with 10y yields down -0.3bp at 2.968% and 2y yields down -0.7bp at 2.624%.
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