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A choppy session for most assets.......>

BOND SUMMARY
BOND SUMMARY: A choppy session for most assets across the board, Govies,
Equities and FX.
-EGB's and particularly the Bund was sold in early trading with decent volume
noted and possibly stops triggered as we move below 174.00, to print a 173.92
low.
-More Bund option downside were traded, looking at a Hawkish ECB, or
disappointment in easing (QE).
-EGB's have since recovered from their lows, with major EU Govies back above
water and in positive territory on the day.
-Treasuries were sold off in early London session, led by the German curve, but
back to flat on the day.
-Curve bear steepening in Germany is still on vogue this morning.
-Gilts have traded within ranges with investors focussed on the UK Political
scenarios.
-UK AWE come in stronger versus survey, triggering better selling in Gilts post
data. The contract is still within ranges.

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