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EGB/Gilt - Yields edge back lower

  • EGBs and Bund have extended higher throughout the day and during the afternoon session.
  • Drop in Oil has been a supportive factor, with move initially started by the China data miss and the surprise POBC cut for Oil.
  • Hope of that and Iran deal could be on the horizon has also put more pressure on Oil today.
  • Peripheral spreads are mixed, Spain and Portugal are close to flat against the German 10yr.
  • Greece and Italy are 2.8bps wider.
  • Gilt future is lagging Bund and the spread is trading 1bp tighter, after the spread traded at widest levels since March last week.
  • Looking ahead, Fed Waller speaks at Board of Governors Workshop.
  • Sep Bund futures (RX) up 131 ticks at 156.65 (L: 155.08 / H: 156.88)
  • Germany: The 2-Yr yield is down 7.2bps at 0.536%, 5-Yr is down 7.8bps at 0.677%, 10-Yr is down 8.7bps at 0.9%, and 30-Yr is down 8.6bps at 1.151%.
  • Sep Gilt futures (G) up 100 ticks at 116.97 (L: 115.94 / H: 117.15)
  • UK: The 2-Yr yield is up 0.1bps at 2.054%, 5-Yr is down 7.3bps at 1.858%, 10-Yr is down 9.6bps at 2.015%, and 30-Yr is down 10.1bps at 2.435%.
  • Sep BTP futures (IK) up 118 ticks at 128.47 (L: 126.91 / H: 128.72)
  • Sep OAT futures (OA) up 116 ticks at 145.58 (L: 144.25 / H: 145.78)
  • Italian BTP spread down 0.4bps at 207.9bps
  • Spanish bond spread down 0.1bps at 111bps
  • Portuguese PGB spread up 0.5bps at 101.3bps
  • Greek bond spread up 4bps at 229.2bps

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