EUROPEAN FIXED INCOME UPDATE: bears still pouncing when debt dares to bounce

Analysis details (10:59)

Bonds have extended their losing streak with little sign of a meaningful recovery that could set the stage for a turnaround Tuesday as bouts of consolidation are proving short-lived and increasingly futile. Indeed, sellers are queuing up to seize on any uptick and the retracements are getting deeper as Bunds slide to 133.69, Gilts to 99.24 and the T-note to 113-09, almost irrespective of anything that might be deemed support, such as downbeat PMIs or BoE testimony in the case of UK debt. Note, DMO linker supply was well covered in contrast to Germany’s Schatz amidst mainly hawkish ECB guidance and ahead of Usd 42 bn 2 year T-notes after the US PMIs, new home sales and Fed’s Logan.

23 May 2023 - 10:59- Research Sheet- Source: Newsquawk

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