EMISSIONS: EU Parliament Greenlights Commissions’ Rules on CBAM Verifiers

• Treasuries are flirting with morning lows in the last few minutes, no obvious headline driver or Block flow - but correlation to Bunds persists as the two trade lower. See 1123 bullet
• Currently, the Dec'25 10Y trades -3 at session low of 112-18.5, 10Y yield +.407 at 4.1182%.
• The contract has traded through the 50-day EMA, at 112-26+, highlighting potential for a deeper retracement near-term. A continuation lower would open 112-06, the Sep 25 low and the next key support.
• Reminder - Tsys broke lower in the lead-up to the NY open after rumors of unexpectedly large corporate issuance from Alphabet ($15B minimum over 8 tranches), and Novartis 7-tranche announced. Larger than expected issuance could be fueling move as prop accts join the speculative selling fray. 

Monitoring a wave of selling in major EGB futures, with Bund futures registering fresh session lows of 129.09 (-31 ticks today). Support at the 50-day EMA (129.13) has been pierced, clearance of which would signal scope for a deeper retracement towards 128.92 (61.8% retracement of the Sep 25 - Oct 17 bull leg).

• Haven’t seen an obvious headline trigger for the move just yet, though a fresh bid in crude oil futures may be adding pressure to core FI.
• The best volumes of the session have gone through in Bund futures since 1600GMT, with almost 70k lots have traded.

The Portuguese sovereign debt management office discusses a change in the demand landscape for their bonds.- On MNI Policy MainWire now, for more details please contact sales@marketnews.com