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A tough day for EGBs, with core FI......>

EGB SUMMARY
EGB SUMMARY: A tough day for EGBs, with core FI failing to catch a bid despite a
sea of red in risk assets (equities sharply lower, gold higher).
- Bear steepening in the German curve, 10-Yrs underperforming.
- Periphery spreads managed to tighten with Bunds selling off all day, though.
- Preliminary July PMI data for Germany, France and the Eurozone beat consensus,
but the market appeared largely uninterested.
- Plenty of ratings reviews after hours tonight, including Fitch on Greece.
** Latest levels:
* Sep Bund futures (RX) down 74 ticks at 175.98 (L: 175.95 / H: 176.98)
* Germany: The 2-Yr yield is up 1.8bps at -0.653%, 5-Yr is up 3.6bps at -0.634%,
10-Yr is up 4.2bps at -0.439%, and 30-Yr is up 4.1bps at -0.017%.
* Sep BTP futures (IK) down 36 ticks at 146.8 (L: 146.62 / H: 147.21)
* Sep OAT futures (OA) down 72 ticks at 167.75 (L: 167.71 / H: 168.64)
* Italy / German 10-Yr spread 1.1bps tighter at 145.4bps

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