A very volatile open for European......>

BOND SUMMARY: A very volatile open for European markets, with Equities and

especially Estoxx leading price action. 

-Estoxx extended gains as the street takes the ECB PEPP increase in its stride,

keeping EGBs under pressure. 

-Bundesbank released Semi-Annual Forecasts for Germany, reporting GDP to shrink

7.1% in 2020, and that the German stimulus is expected to raise 2020 GDP by 1%. 

-Bund and OATs have since faded earlier weakness, with Equities off their highs

and further headline coming out of China: "China vows countermeasures against 33

US listed entities. 

-Peripheral spread are mixed, from small tighter to flat against Germany. 

-Gilts have traded in tandem with EGB's, and within morning ranges, with very

little to report in terms of news or data, with investors awaiting for EU

Barnier presser at noon on EU-UK trade talks. 

-Treasuries have taken their cues from the better S&P (US equities "Risk On")

bid, keeping the long end strip in negative territory and small bear steepening.

ahead of the US NFP this afternoon.