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Week ahead

BUNDS
  • Focus this morning will be on National Manufacturing PMI releases.
  • This week sees a fair amount of data and supplies from Germany, ESM and France.
  • Technically, seasonally for Bund August is a bullish month, but could be limited this week, on the back of supplies.
  • All of the focus remains on Global Covid contagion going forward.
  • Bund opens 13 ticks lower, albeit within last Friday's range at 177.38.
  • Peripheral are a touch tighter with Italy leading at 1.1bps

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