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A bit of a return in risk appetite......>

EGB SUMMARY: A bit of a return in risk appetite early Friday has seen core EGBs
weaken and periphery instruments rally, with a slew of data eyed.
- The Mar 19 Bund future is down 18 ticks at 164.64, with the 2-Yr yield
unchanged at -0.611%, 5-Yr up 1bps at -0.375%, 10-Yr up 1.5bps at 0.168%, and
30-Yr up 1.8bps at 0.82%.
- Equities up slightly (EuroStoxx up 0.8%), periphery EGBs are a little
stronger. Mar 19 BTP futures up 50 ticks at 126.98, with 2-Yr yield down 7.2bps
at 0.483%, 10-Yr down 3.1bps at 2.829%(spread v Bunds down 4.6bps at 266.1bps).
- Spain, Portugal, and Greece all a little tighter to Bunds also (10-Yrs tighter
by 1.5bps or so bps).
- 10-Yr OAT spreads v Germany in slightly from 17-month high around 50bps Thurs.
- Another miss for Dec inflation data in the Eurozone from France (0.0% M/M,
1.6% Y/Y) which follows up the weaker than expected Spanish CPI (1.5%, 1.6%exp,
1.7% prev) and German CPI (1.7%, 1.9%exp, 2.2% prev).
- Portugal CPI at 930GMT, Eurozone and Italian flash estimates at 1000GMT.
- Svcs/Composite PMIs incoming also, and US nonfarm payrolls out at 1330GMT.

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