EUROPEAN FIXED INCOME: debt futures concede more safe-haven ground

Bonds still have a long way to go before unwinding all their colossal gains, but a more concerted correction has come amidst considerably less risk aversion with Bunds, Gilts and the 10 year T-note reversing further from Tuesday’s heady heights to 169.75, 125.53 and 128-07+ before finding underlying bids. Note, price action remains very whippy and sentiment is prone to abrupt swings pending on the tone of updates emerging from Ukraine, but ranges thus far pale in comparison to this time yesterday and certainly the expansive parameters seen by the close of business. Ahead, a packed agenda, but unlikely to sway attention from Russia’s invasion, while supply from the UK and Germany was fairly well received, albeit not snapped up.