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Supplies and Earnings in focus

BUNDS
  • Bund remains steady at the start of the week, with Rate and Govie traders fully focused on the FOMC set for tomorrow.
  • US and German curves are leaning bear flatter since the Bund cash open.
  • All of the action was once again in Equities, with contagion spreading throughout Global indices as investors capitulated.
  • Nonetheless Nasdaq and indices found some dip buying as contracts traded deep in oversold territories yesterday.
  • Nasdaq so a decent 5.72% bounce, correcting the whole of yesterday's fall.
  • Data for today sees Spanish PPI and German IFO, and very little out of the US.
  • SUPPLIES: Netherland 2052 EU2bn (Equates to 35k Bund), US $55bn 5yr notes.
  • SYNDICATION: France inflation linked 30yr Benchmark.
  • EARNING SEASON: GE, 3M, ADM, J&J, Verizon, AMEX and Microsoft.

Chart source: Bloomberg

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