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Supplies the early focus

  • Few clips sellers on the Bund cash open, after the final German GDP is revised higher.
  • Nonetheless the contract trade well within yesterday's ranges, now at 176.77.
  • Initial support remains at 176.48, followed by the August low at 176.21.
  • We have no real market moving data scheduled for the session, and some RM are already looking past Jackson Hole on Friday, and towards US ISM on the 1st of September, and NFP on the 3rd.
  • SUPPLIES: Early focus will be on supplies, with UK £3bn 2026 (equates to ~15k Gilts), and German 2028 EU3bn (equates To 14.3k Bund), delta hedging shouldn't impact much on both supplies.
  • SYNDICATION: Finland plans EU3bn 5yr Bond sale (no grow)

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