CROSS ASSET: Bonds and Equities push higher
Oct-13 07:17
- As expected since the cash open, given the underperformance of the 30y Buxl, the German curve leans steeper, with 5s/10s now testing session high.
- Shorter end Germany and Bund continue to lead some of the recovery in futures in early trade.
- Bund would need a test back to 129.75 to consolidate the US CPI sell off.
- Equities are also on the move, edging to their high, helping the Dollar lower.
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ITALY AUCTION PREVIEW: 3/7/17/30-year BTPs
Sep-13 07:13
Italy will return to the market today to hold a 3/7/17/30-year auction for a combined total of up to E9.75bln. On offer will be the:
- E2.75-3.25bln of the 3.85% Sep-26 BTP (ISIN: IT0005556011)
- E3.5-4.0bln of the new 4.00% Nov-30 BTP (ISIN: IT0005561888)
- E0.75-1.0bln of the 5.00% Sep-40 BTP (ISIN: IT0004532559)
- E1.0-1.5bln of the 4.50% Oct-53 BTP (ISIN: IT0005534141)
For our full auction preview, see the PDF here:
EURIBOR: Edges to session high.
Sep-13 07:09
- Front Euribor continues to unwind the overnight price action, 2 clips of over 5k were bought in the last few minutes in ERU3, all cumulative volumes.
- Opening gap would be up to 96.10.
CROSS ASSET: Gilt gap higher on the open
Sep-13 07:08
- A small gap higher for Gilt, just 8 ticks, but still applies more pressure on the Pound, with Cable again testing that 1.2446 level.
- The Pound also test lows against the EUR and JPY.
