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A risk-off tone underpins price........>

BOND SUMMARY: A risk-off tone underpins price action this morning with core
govvies trading firmer, periphery bonds selling off and European equities unch
to lower. 
- Oil continues to March lower with front WTI down over 20% on the day. 
- USTs trade marginally firmer with cash yields 1-3bp lower on the day and the
curve bull flattening. 2s30s is 2bp narrower.
- Gilts have similarly firmed with price action contained. Current yield levels:
2-year 0.07%, 5-year 0.163%, 10-year 0.300%, 30-year 0.677%.
- Bund yields are ~1bp lower across most of the curve.
- BTPs have sold of sharply this morning, with the short end underperforming. 2-
to 7-year yields are 10-11bp higher.
- The data calendar is light today. The Chicago Fed Nat Activity Indicator will
be published at 1330 GMT. 

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