A slow day in the space to round out....>

EGB SUMMARY: A slow day in the space to round out the week, with no decisive

direction throughout the day, and the weakest volumes in Sep Bund contracts

since the roll from Jun. Owes much to the US holiday, and few events/data.

- If anything the theme has been risk-off going into the weekend. The tone was

set by a cabinet reshuffle in France (including Pres Macron swapping Prime

Ministers) and a BBG sources piece suggesting some internal ECB discord over the

flexibility and scope of PEPP in the morning. But no afternoon developments.

- BTPs weakened / spreads widened steadily through the day, potentially a

profit-taking exercise after a very strong weekly performance.

** Latest levels:

* Sep Bund futures (RX) down 2 ticks at 175.99 (L: 175.85 / H: 176.24)

* Germany: The 2-Yr yield is down 0.5bps at -0.685%, 5-Yr is down 0.7bps at

-0.682%, 10-Yr is down 0.5bps at -0.433%, and 30-Yr is down 0.1bps at 0.029%.

* Sep BTP futures (IK) down 58 ticks at 143.7 (L: 143.54 / H: 144.62)

* Italy / German 10-Yr spread 5.2bps wider at 169.1bps

* Sep OAT futures (OA) down 5 ticks at 167.39 (L: 167.29 / H: 167.69)