EQUITIES: European & FTSE Firmer Into Cash Open

Jun-12 06:57

The post-10-Year Tsy auction move lower in U.S. yields and late Tuesday move off wides in EGB spreads provides some upward impetus for equity futures ahead of the European & London cash opens, with the Euro Stoxx 50 contract +0.45% and the FTSE 100 equivalent +0.55%. Both remain comfortably within yesterday’s ranges.

Historical bullets

GILTS: Opening calls

May-13 06:57

Gilt calls, range 97.69/97.76.

EQUITIES: EU Cash opening calls

May-13 06:56

Some focus on the EU Cash, on the back of highher futures, albeit off Friday's best levels.

  • Calls: Estox 50: +0.11%, Dax: +0.23%, CAC: -0.02%, FTSE -0.03%, SMI +0.16%.

STIR: Euribor Futures Firmer As Core EGBs Find Early Support

May-13 06:50

Euribor futures are flat to +2.5 through the blues as core EGBs move higher in early European trade.

  • Chinese economic data and notable EGB-related cash flows may be supporting EGBs early today.
  • A reduction in the size of BoJ bond purchases capped core global FI markets during Asia hours.
  • ECB-dated OIS contracts price 22bps of cuts through the June meeting, with a cumulative 68bps of cuts priced through year end.
  • Back on Friday, our policy team’s latest sources piece outlined the importance of Fed policy and geopolitics when it comes to ECB policy rate moves beyond June, with cautious preferences evident amongst the Governing Council.
  • Today’s Eurozone calendar is very light, with little data and no scheduled ECB speakers.
  • Looking ahead, this week includes final April EZ HICP figures and the second estimate of Q1 EZ GDP, though US CPI on Wednesday provides the main point of macro interest.


  • Meeting Date ESTR ECB-Dated OIS (%) Difference Vs. Current Effective ESTR Rate (bp)
    Jun-24 3.679 -22.2
    Jul-24 3.624 -27.7
    Sep-24 3.440 -46.2
    Oct-24 3.369 -53.2
    Dec-24 3.221 -68.0