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A renewed bout of risk aversion over....>

EGB SUMMARY
EGB SUMMARY: A renewed bout of risk aversion over the course of Thursday helped
boost core EGBs after earlier losses, and widened periphery spreads.
- German Bund yields have retraced intraday highs after stronger-than-expected
PMI data helped drive weakness earlier. 2-Yr yields are 0.5bps lower at -0.591%,
with 10-Yrs flat at 0.345%, middle of the daily trading range of 0.336%-0.353%. 
- Italian BTP yields have widened in parallel fashion, reversing an earlier bull
flattening move, with 2-Yr yields up 2.8bps at 1.142% (low of 1.068%) and 10-Yrs
up 3.2bps at 3.093% (low of 3.014%).
- Spreads over Bunds for those instruments up 3.4bps and 2.6bps, respectively.
That is after being narrower by 9bps and 5bps, respectively, earlier today.
- The French curve bull steepened, with 2-Yr OAT yields down 1.6bps at -0.417%
and 10-Yrs down 0.3bps at 0.6838%. Notably, have seen 44k of Nov8 176 deep OTM
calls over last 2 days at 1 (vs 152.5 underlying).
- The Euribor curve is basically unchanged amid lacklustre volume.
- PMI today was the week's data highlight-just Germany construction and Spain
PPI Friday. US Fed's Jackson Hole is weekend's key event; German IFO Monday.
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