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/STIR: Little Meaningful Impact From US Data; EZ Inflation Due Tomorrow

EGBS
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsBond Market News

Today’s run of U.S. data (See earlier bullets for deeper colour) provided a very modest bid for EGBS, leaving Bund and OAT futures broadly unchanged on the day.

  • Ultimately, Bunds have been unable to push through this morning’s high (129.23), currently +1 at 129.07.
  • The continued recovery in European equities from multi-week lows has supported peripheral bonds, with 10-year spreads to Bund tighter on the day.
  • The BTP/Bund spread is ~2.5bps tighter, hovering around 130bps.
  • ECB-dated OIS shows 60bps of cuts through year end, with 26bps priced through the July meeting, indicating low odds of a follow up 25bp cut in July (assuming the widely expected and heavily telegraphed June cut is delivered).
  • Tomorrow’s regional calendar is headlined by the remaining May flash inflation releases, with national data from the Netherlands and France due in advance of the region-wide print at 1000BST.
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Today’s run of U.S. data (See earlier bullets for deeper colour) provided a very modest bid for EGBS, leaving Bund and OAT futures broadly unchanged on the day.

  • Ultimately, Bunds have been unable to push through this morning’s high (129.23), currently +1 at 129.07.
  • The continued recovery in European equities from multi-week lows has supported peripheral bonds, with 10-year spreads to Bund tighter on the day.
  • The BTP/Bund spread is ~2.5bps tighter, hovering around 130bps.
  • ECB-dated OIS shows 60bps of cuts through year end, with 26bps priced through the July meeting, indicating low odds of a follow up 25bp cut in July (assuming the widely expected and heavily telegraphed June cut is delivered).
  • Tomorrow’s regional calendar is headlined by the remaining May flash inflation releases, with national data from the Netherlands and France due in advance of the region-wide print at 1000BST.