BOND LATEST: broader selling ahead of US open

No obvious new catalyst, but perhaps some technical incentive behind the latest and more widespread downturn in debt futures, as Bunds and Gilts plough fresh intraday troughs at 159.32 and 121.23, while Italian BTPs pare gains from almost 1 full point to 70 ticks and Spanish Bonos actually turn negative on what looks like another complete turnaround on the stamp duty front back in favour of property buyers and to the detriment of mortgage lenders. Back to Eurex, a minor chart gap that aligned with a fib were filled/breached down to 159.54 and a market contact flagged 159.45 as the next bearish target exposing stops down towards 159.26, while for Gilts Tuesday’s Liffe low came in at 121.39 and 121.26 represented Fib support.