EUROPEAN FIXED INCOME UPDATE: bonds off best levels, but firmly underpinned
Analysis details (10:44)
There were clearly residual shorts to cover given the upside price action seen in debt futures post-weaker than consensus German consumer sentiment and even before the mostly poor prelim Eurozone prelim PMIs, but Bunds have petered out just ahead of another bullish target, at 129.12 vs their 129.14 peak from October 17th and Bobls are holding just beneath 116.00 in wake of a solid 5 year auction. Meanwhile, UK PMIs were not as bad overall and delayed labour data mostly encouraging, so the pull back in Gilts has been more pronounced from 93.34 to sub-93.00 and the T-note is flat-lining within a 106-22/08+ range awaiting the US PMIs and 2 year note auction. Next up, CBI trends and business optimism.
24 Oct 2023 - 10:44- Research Sheet- Source: Newsquawk
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