US tech earnings in focus

Volumes in EGBs have stayed fairly subdued during the early European session, running at just over 50% of the 15 day averages.

• On the margin the German curve is tilting steeper, but we continue to trade within the last Month's range.
• Peripheral are mixed against the German 10yr, with Greece 0.8bp tighter and Italy 0.9bp wider.
• Upside has been limited ahead of the new 7yr German supply for EU4bn (Equates to 48.5k Bobl or 20.7k Bunds)
• Gilts are trading inline with Bund, down 12 ticks t the time of typing.
• "The Bank of England (BoE) has entered into a facility with the Bank for International Settlements (BIS) to ensure the provision of Sterling liquidity during any future periods of market stress, complementing the BoE's existing established network of standing bilateral swap lines".
• US Treasuries have are traded within overnight ranges, with the curve leaning bear steeper.
• Volumes have also been fairly low as the street gears up for the Fed tomorrow.
• Looking ahead, no tier 1 data of real note, and focus this week is on Tech earnings, which today includes, UPS, GE, 3M, Texas Instrument, Visa, Alphabet, Microsoft, Starbucks.
• Tonight sees US $62bn 7yr and $28bn 2yr (but a FRN)