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There was some interesting price........>

EGB SUMMARY
EGB SUMMARY: There was some interesting price action in the Treasury futures in
Asia with decent selling showing up sporadically and aggressively. Soon after
the European open it happened to German debt futures. 
- Bunds opened at 162.54, which was in line with the post-close price action in
the Bund and overnight Treasury weakness. However, was hurt badly in the first
trading moments and quickly dropped to 162.34 before market stabilised.
- There was no justification for the move but there is the background music of
US tax reform. Congressional efforts could potentially repatriate money to the
US and stimulate the economy. While the exact package is unknown, the market is
responding to risks.
- Next week also sees a substantial step up in European government bond supply,
which by MNI calculations will be in the region of E31bln, with only a large
Italian redemption to cushion the impact.
- Today, is Veterans Day in the US and while this does not shut the markets, it
does thin liquidity. There are no important data releases but Mersch speaks at
1230GMT and Draghi is on Saturday.
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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