BONDS: Bid In E-minis Limits Demand Over Last Few Hours
Sep-10 12:27
Little to really add when it comes to FI-specific commentary, although another fresh all-time high for S&P 500 e-minis has limited rallies/applied pressure at stages over the past few hours.
- The previously covered block buy in TU futures has supported Tsys over the last hour or so, with that curve bull steepening on the day but back from highs (yields flat to 1bp lower).
- Meanwhile, Bunds (yields 1-2 bp higher) and gilts (yields 1.5-3.5bp higher) bear flatten.
- U.S. PPI data due shortly, presenting the major macro calendar event for the session.
- PPI is expected to slow, albeit with the major Y/Y readings still forecast above 3%. There will also be some focus on the revisions. See our recent run of bullets for more colour.
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EGBS: Off Lows, Ranges Remain Tight
Aug-11 12:23
Bund futures stabilised in front of intermediate support at last Monday’s low (129.50) before recovering to ~129.70 in recent trade.
- Macro headline flow has been light over the last couple of hours, with recent social media posts from U.S. President Trump focused on combating crime and the implementation of tariffs, providing little new for markets to trade off.
- German yields are essentially unchanged across the curve.
- EGB spreads to Bunds are flat on the day.
GLOBAL POLITICAL RISK: Week Ahead 11-17 August
Aug-11 12:06
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(MNI) London – All timings are subject to change.
Monday 11 August:
- EU-Ukraine: An emergency videoconference of EU foreign ministers has been convened by High Representative for Foreign Affairs and Security Policy Kaja Kallas to discuss the upcoming meeting between US President Donald Trump and Russian President Vladimir Putin (see entry below). EU leaders have sought to convince Trump to invite Ukrainian President Volodymyr Zelenskyy to the Alaska summit, but to no avail so far. Foreign ministers will also discuss the situation in the Middle East, with a focus on the situation in Gaza. Due to start at 16:00CET (10:00ET, 15:00BST).
SPAIN T-BILL AUCTION PREVIEW: On offer tomorrow
Aug-11 12:01
Tesoro Publico has announced it will be looking to sell a combined E2.0-3.0bln of the following at its auction tomorrow, August 12:
- the 3-month Nov 7, 2025 letras
- the 9-month May 8, 2026 letras
