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Under Modest Pressure Into ECB

EGBS
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The previously flagged move lower in Euribor futures, coupled with the uptick in oil markets and expectations for a ‘hawkish’ ECB cut apply modest weight to EGBs through the first half of Thursday trade.

  • A bid in equity markets may also be factoring in.
  • The bulk of the major EGB benchmarks that we monitor stick within the ranges we have seen in recent days.
  • German yields are 1.5-3.0bp higher on the day, as the curve bear steepens.
  • Both German 2s10s and 5s30s stick within recent ranges.
  • 10-Year EGB spreads to Bunds are within ~1bp of yesterday’s closing levels, mixed on the day.
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The previously flagged move lower in Euribor futures, coupled with the uptick in oil markets and expectations for a ‘hawkish’ ECB cut apply modest weight to EGBs through the first half of Thursday trade.

  • A bid in equity markets may also be factoring in.
  • The bulk of the major EGB benchmarks that we monitor stick within the ranges we have seen in recent days.
  • German yields are 1.5-3.0bp higher on the day, as the curve bear steepens.
  • Both German 2s10s and 5s30s stick within recent ranges.
  • 10-Year EGB spreads to Bunds are within ~1bp of yesterday’s closing levels, mixed on the day.