EURIBOR OPTIONS: Large put fly buyer
Apr-19 07:29
ERZ3 96.62/96.00/95.37p fly, bought for 20.5 in 25k
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GERMAN DATA: PPI Continues to Ease in Feb as Energy Prices Decline
Mar-20 07:26
GERMANY FEB PPI -0.3% M/M (FCST -1.4%); JAN -1.2%r M/M
GERMANY FEB PPI +15.8% Y/Y (FCST +14.5%); JAN +17.6%r Y/Y
- German factory-gate inflation cooled for a fifth consecutive month in February, albeit to a lesser degree than consensus expectations as prices fell by -0.3% m/m, easing by 1.8pp to +15.8% y/y.
- Underlying price pressures have slowed but remain expansive, with PPI ex. energy up +0.5% m/m and inching down by a slower 0.5pp to +10.2% y/y in February.
- On the month, prices accelerated slightly for all subcategories except for energy; intermediate goods (+0.1%), capital goods (+0.4%), consumer goods (+0.2%) and non-durable consumer goods (+0.9%).
- Note that January and February headline PPI will likely be revised down in the March release as the delayed effects of the electricity and gas price breaks will be taken into account but Destatis retrospectively.
BTP: 60 ticks off the intraday high, but 50 ticks above Friday's close
Mar-20 07:26
BTP futures opened at 116.98 this morning (over 90 ticks higher than Friday's close of 116.05). After trading as high as 117.16 we are now 60 ticks off the high of the day at 116.55.
BUNDS: A very busy start ahead of a busy week
Mar-20 07:24
- German Bund benefits from further safe haven demand as Equities continue to fall despite UBS buying CS over the weekend, albeit for a quarter of its value.
- Desks continue to gauge potential losses for Additional Tier 1 bonds (AT1) investors.
- Bund has spike towards 140.00 pre cash open, with some momentum buying post the cash open, but has found some resistance ahead of the psychological 140.00 handle, helped by the German PPI beat.
- Equity futures are also bouncing off their lows as Europe comes in.
- At current levels in Estoxx future (VGM3) at 3957.00, would suggest a -0.90% cash open for Estoxx
- There's no tier Data for the session, ahead of another busy week.
- SPEAKERS: ECB Centeno (event in Lisbon) and some focus on Lagarde at the EU Parliament.
