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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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EGB SUMMARY: A dovishly interpreted set of FOMC minutes provided the thrust
higher in late US trading that is prodding EGBs higher in early European
- Concerns that US inflation may not get above 2% by 'many' of the participants
is the section attracting most of the attention even as the Fed also appeared
set to start shrinking the balance sheet soon.
- Asian equity markets were mixed and the European bourses are nursing early
losses in the region of 0.3%. The Euro has weakened modestly in FX markets.
- With this environment, the 10-Year Bund yield is 1.3bp lower on Thursday and
with only a 0.2bp decline in the 2-Year Schatz, the curve is flatter.
- German-EGB spreads are fairly stable in early trading.
- Final Eurozone HICP data are set for release at 1000BST and the ECB account of
the July rate setting meeting is due at 12.30BST. The latter has great potential
to move markets. US markets provide weekly jobless claims, Philly Fed and IP

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