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US keeps Europe underpinned

BUNDS
  • A decent session for Bund, with another 60 ticks overnight, but this time, sees better liquidity with 20k lot traded pre cash open.
  • The contract has been help by the unwind continuation from US Treasuries, which has seen, some overnight traction, following the BOJ increasing the amount of purchases in maturities covering 3 to 10yr.
  • Bund has a small downside opening gap, to 157.39, while the 5yr Bobl still lack and trade circa its closing level in early European trade.
  • A busier day for data, with {sp} Spain CPI, will be watched by Cash desks, German Regional and National CPI, Italy PPI, and out of the US, the ADP release, and 3rd reading for the GDP.
  • SUPPLY: Italy EU3bn 2027 and EU3.5bn 2032 (this equate to combined ~37k BTP), should weigh into the bidding deadline.
  • SPEAKERS: ECB Lagarde, Kazimir, Holzmann, Wunsch, Makhlouf, Panetta, BoE Broadbent, Fed Barkin and George
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