Free Trial

The Bund contract opened flat...........>

EGB SUMMARY
EGB SUMMARY: The Bund contract opened flat relative to yesterday but has headed
lower ever since that moment. Currently, the 2Y Schatz is +0.5bp at -0.706% and
the 10Y is +0.7bp at 0.407%, the 30Y is slightly better bid.
- Peripherals are doing slightly better but it's too early to define trends. 
- French business confidence for Sept printed slightly below expectations at
109, the same as in August. However, market-moving events have been limited
since the risk-off move late yesterday when North Korea said that the US had
effectively declared war - a statement dismissed by Trump's spokeswoman
yesterday evening.
- The market is faced with Italian CTZ and BTP linker supply this morning and
Germany sells a Schatz. The latter shows a very small concession this morning
relative to its near-maturity peers. EFSF sells E1bln of 5Y paper at 1130BST.
- The main event today is Yellen's speech just after the European close on
inflation, uncertainty and monetary policy. Also worth highlighting is Europe's
most accurate survey predictor of EZ GDP, the economic sentiment indicator will
be released at 1000BST.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.