A busy afternoon session for EGBs and...>

EGB SUMMARY: A busy afternoon session for EGBs and global assets, driven by a

WSJ story regarding trade and Tariffs. 

-Christine Lagarde first ECB presser opened our London afternoon session, and

she seemed to be more interested in direction and trends when it comes to

economic/market data, rather than absolute levels/estimates. 

- Largely towed the line in terms of signalling continuity with her predecessor,

at least in the near term. That she was keen to get the strategic review

underway suggests that she is willing to overhaul monetary policy tools and

reconsider how to meet the ECBs mandate (if needed). 

-EGBs/Bund were stable, but plummeted on the following WSJ story: 

-U.S. Negotiators Offer to Cut Existing Tariff Rates by up to 50% on $360

Billion of Chinese Imports - Sources 

-U.S. Negotiators Also Offer to Cancel New China Tariffs Set to Take Effect on

Dec. 15 - sources. 

-Peripheral are generally tighter, with Greece outperforming versus the German

10, with the latter 6.4bps tighter on the day.