Free Trial

There has been no firm direction in.....>

EGB SUMMARY
EGB SUMMARY: There has been no firm direction in EGBs this morning. German
Chancellor Angela Merkel appears to have formed a truce with Interior Minister
Horst Seehofer. Eurozone retail sales data for May was a touch weaker (1.4% Y/Y
vs 1.6% survey).
- The 2-year German bund trades at -0.673%, up from -0.689% at the open, while
the 10-year yield has oscillated between a a 0.311-0.327% range and currently
trades at 0.319%.
-  The French 2-year OAT yield has pushed up from the morning low of -0.489% and
currently trades at -0.484%. Similar to bunds, trading in the 10-year has been
chopppy with the yield currently at 0.658%, a touch above the 0.654% level at
the open.
- There has been more decisive direction in Italian BTPs. The 2-year BTP yield
has pushed down to 0.596% from 0.673% at the open. Underperformance at the long
end has allowed the curve to steepen, with the 2s10s spread widening to 199.3bps
from a low of 193.4bps.
- The EURIBOR future strips has steepened. Greens and Blues down 1.5-2.0 ticks.

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.