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Free AccessThe Mar-18 Bund contract opened 4.......>
EGB SUMMARY: The Mar-18 Bund contract opened 4 ticks higher 163.31 with not much
movement in early European trading.
- The Italian curve saw an early bid in the 10Y sector but this has faded as
pressure on the Spanish bond market has built ahead of Bonos supply in around an
hour.
- The Treasury market has performed poorly in early Europe and the 10Y Bund-Tsy
spread has widened by around 1.5bp in the first hour of European trade. The
spread is 206bp, around 4bp lower than late last week.
- In terms of data the Dec flash Mfg PMI came in better than forecast at 59.3,
the services PMI coming in lower than expected at 59.4 and finally the composite
PMI in slightly above consensus at 60.0.
- Eonia has dropped back down to -0.345%, which is only around 1.5bp above its
resting level that existed prior to the spike at the end of November. We can
guess that the likely interbank lending between Greek banks has subsided and
borrowing from the ECB has resumed. Not that the ECB's marginal lending facility
jumped to E633mln yesterday from E188mln.
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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.