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OAT futures have pierced round-number resistance at 128.00, exposing the Sep 17 high at 128.14. There has been a step-up in volumes since the top of the hour, as NY participants filter in and assess this morning’s rally.
Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
Oct-24 | 3.190 | -22.1 |
Dec-24 | 2.881 | -52.9 |
Jan-25 | 2.612 | -79.9 |
Mar-25 | 2.306 | -110.4 |
Apr-25 | 2.091 | -132.0 |
Jun-25 | 1.898 | -151.2 |
Jul-25 | 1.794 | -161.7 |
Sep-25 | 1.711 | -169.9 |
Source: MNI/Bloomberg. |
Prime Minister Michel Barnier is set to deliver his first address to the National Assembly in office at 1500CET (0900ET, 1400BST). The political back-and-forth over the summer as President Emmanuel Macron sought to piece together a workable gov't has meant there has been very little in terms of policy detail released. Today's speech is set to lay out a roadmap for his centre-right gov't over the coming months, with Le Monde noting that "Among the highly anticipated themes are public finances and possible tax increases, ecological transition, health, education, security and immigration."