A fairly quiet day opening to the......>

BOND SUMMARY: A fairly quiet day opening to the week so far, with several

European markets closed for holiday. Italy is the focus once more with President

Mattarella set to meet with 5-Star/Lega leaders starting 1730CET.

- Another poor day for Italian BTPs with the 10Y spread over Bunds rising over

10bps to 10-month highs of 175.4bps, though have settled a little to 170.2bps.

Spain (1.1bps) and Portugal (6.0bps) spreads a little wider as well. Price

action should be taken with a grain of salt due to public holidays though.

- UST yields are a little higher, with the 10Y up 1.5bps to 3.071%. Little

apparent reaction to news that the US and China have declared a temporary truce

on a trade war. Eurodollar futures look offered across the strip, with reds and

greens off 2.0-2.5 ticks, reversing Friday's gains and helping lift the USD.

- JGBs and Gilts having a decent day, with JBM8 up 3 ticks and G M8 up 14 ticks.

Gilt futures possibly weighed down by a super block sell at around 0938BST.

- There is a bare calendar for data today, with most attention likely to be paid

to developments in Italy and to US Fed speakers. FOMC voter Bostic, as well as

non-voters Harker & Kashkari will speak on Monday.