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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.
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Free AccessThe main theme over the morning was a...>
EGB SUMMARY: The main theme over the morning was a strong performance by the
Eurozone periphery. Initially led by Spain as investors traded a possible S&P
ratings upgrade on Friday that might create some forced buying.
- The afternoon saw some profit taking but heading into the close, the Bund-BTP
spread was 7bp narrower at 133bp, Spain was 5.0bp tighter at 72.7bp and
Portugal, having earlier set a 8Y low has its spread 2bp tighter at 113.9bp.
- Bunds opened weaker on the session, mostly in response to news of a Brexit
transition deal. Mostly trading sideways thereafter, there was some heaviness in
the 10Y section of the German curve as the market is aware that 10Y auctions
(there is one tomorrow) are rarely well bid. A build up of a USD supply pipeline
also weighed on USTs and hence EGBs.
- Germany sold E4bln of its 2Y Schatz benchmark. The auction was technically
covered if not witnessing strong demand.
- The German ZEW expectations index fell to 5.1 (low since Sep-16) in March from
17.8. Germany PPI data also printed on the weak side of expectations.
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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.