PERU: President Jeri Appoints New Cabinet Ahead of Protests, Econ. Activity Due

NY desks have been happy to fade a portion of this morning’s core EGB strength, with Bund futures now +13 ticks at 128.69, off earlier highs of 128.81.

• Market moving headline flow has been fairly limited, with participants looking forward to this week’s heavy central bank calendar.
• German yields are 1-2bps lower, with the belly still outperforming. 10-year yields hover around the 2.70% handle, still within this summer’s 2.60-2.80% range.
• 10-year EGB spreads to Bunds now comfortably tighter on the session as European equity futures extend to fresh session highs. SPGBs and BTPs lead, the former support by S&P’s ratings upgrade after hours on Friday.
• The OAT/Bund spread is now 0.5bps tighter on the session at 78.5bps, looking through Fitch’s expected rating downgrade to A+ on Friday.

Spain will look to sell a combined E5-6bln of the following Bono/Oblis at its auction on Thursday (Sep 18)

• the 2.40% May-28 Bono (ISIN: ES0000012O59)
• the 3.20% Oct-35 Obli (ISIN: ES0000012P33)
• the 4.00% Oct-54 Obli (ISIN: ES0000012M93)

@realDonaldTrump
Subject to SEC Approval, Companies and Corporations should no longer be forced to “Report” on a quarterly basis (Quarterly Reporting!), but rather to Report on a “Six (6) Month Basis.” This will save money, and allow managers to focus on properly running their companies. Did you ever hear the statement that, “China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!"