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A fairly directionless day for EGBs.....>

EGB SUMMARY
EGB SUMMARY: A fairly directionless day for EGBs Monday, with Bund futures still
up but at the middle of the day's range.
- Sep Bund futures (RX) up 31 ticks  at 172.38 (L: 172.02 / H: 172.59) rising
early but fading as the U.S. markets came in.
- Our Positioning Indicator out earlier suggests significant structural long
Bund futures positioning, see bullet out 14:15 06/24 BST (also on email).
- Italian spreads gave up earlier tightening on optimism Rome wouldn't receive
an EDP verdict this week. 10-Yr BTP last 0.3bps tighter to Bunds.
- Greece 10-Yr spreads hitting a fresh post-2010 tight, in 9.5bps at 272.9bps.
- Sep OAT futures (OA) up 37 ticks at 164.42 (L: 164.14 / H: 164.59)
- A pretty quiet day for data, with the German Ifo figure in the morning not
having much of a lasting impact. French sentiment indicators are Tuesday's data
highlight, very much 2nd tier. 
- A bit of short-end supply as well, with Italian CTZ and Schatz on sale Tues.
- ECB speakers Tuesday include de Guindos (early, at 0815UK) and later on,
Coeure (1815UK).
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