10y Bund yields are 1bp lower on the....>

EGB SUMMARY: 10y Bund yields are 1bp lower on the day and Schatz yields 0.2bp

higher as the German curve has flattened following a weaker than expected German

GDP print. The first Q4 print came in flat (consensus had expected a 0.1%

increase), following up the -0.2% print seen in Q3. A negative print in Q4 would

have been the trigger for a technical recession in Germany.

- BTPs are the underperformers today with spread to Bunds rising 2.3bp on the

day with the FTSE MIB also underperforming Eurostoxx 50.

- Other spreads are mixed and have seen relatively small moves on the day.

- Today's Brexit amendment votes will be closely followed by markets. We have

now received most of the key Eurozone data for the week with trade tomorrow the

highlight.