ECB: Wunsch: ECB "Essentially" In A Good Place

The PDMA will look to sell up to E250mln of the on-the-run 10-year .625% Jun-35 GGB (ISIN: GR0124041758) at its scheduled auction tomorrow.

ERH6 98.125/98.25/98.4375/98.625c condor, bought for 2.5 in 5k.

UK paper has mostly looked to cues from Tsys over the past couple of hours.

• A downtick in global equity index benchmarks may also be providing some background support in recent trade.
• Futures last 91.32 after a recovery from lows of 91.22, ultimately sticking within the range established over the past couple of sessions. A bullish cycle remains in play. Initial resistance at 91.82. Initial support at 90.65.
• Yields 1.5-2.5bp higher, 5- to 10-Year zone under the most pressure.
• SONIA futures little changed to -3.0, SFIZ5 & Z6 have failed to retest lows seen in recent weeks/months.
• BoE-dated OIS continues to consolidate at hawkish cycle extremes, showing ~8bp of easing through year-end, with the next 25bp cut not fully discounted until the April ’26 meeting.
• CPI data headlines the local calendar tomorrow; our full preview of the release is available here.