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Under pressure around the European natgas open

BUNDS
  • Bunds have fallen around 50 ticks over the past 45 minutes (although the last 15 minutes or so they have seen a bit more stability). Bunds remain around 30 ticks above the European timezone close on Friday, but are around 60 ticks off their overnight highs in total.
  • The moves were largely in anticipation of the jump in natgas prices on the European open (which are still somewhat below their peak of last week see here for more). A fiscal package worth E65bln to include a price cap on energy profits has also helped Bunds move off their overnight peak.

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