ICE EUA FUTURES TECHS: (Z5) Bullish Trend Structure

Spillover from Tsys allows bonds to stabilise as comments from Fed Governor and U.S. ADP employment data come down on the dovish side.

• German yields still higher across the curve on the day (0.5-3.5bp), bear steepening.
• Gilts continue to lead the weakness in wider core global FI markets, yields 6.5-10.5bp higher vs. yesterday’s close, with the 10- to 30-Year zone leading the sell off.

Tariff risks and weakness in wider core global FI markets make themselves felt in EGB spreads over the last ~90 minutes.

• OATs and PGBs widen the most against this backdrop.
• Nothing in the way of meaningful range breaks across the major spreads that we monitor.

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