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Euro Debt Futures Rally on Recession fears

Posted:02/12/2008 11:44 by Oliver Scott
European debt futures have rallied on continued global recession fears and rate cut expectations, and despite European stock markets having recovered after an initial sharp drop in early morning trade. The December 10-year Bund future is up 50 ticks on the day at 122.99, while the corresponding Gilt future is up 78 ticks at 119.36. In the cash market the 10-year Bund yield is down 5 bp at 3.10% and the 10-year Gilt yield is down 9 bp at 3.57%.  The local calendar had EZ October producer prices, which fell dropped 0.8% m/m, bringing the annual rate down to 6.3% (median 7.0%) from 7.9% y/y in the previous month with lower oil prices are a key factor behind the decline. Swiss November CPI also fell more sharply than expected, down 0.7% m/m and pushing the y/y rate down to 1.5% (median 2.0%) from 2.6%, strengthening the call for further SNB rate cuts. click here to return to the top of the page
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