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BOND SUMMARY: After moving higher on the back of the ECB announcement and press
conference yesterday, USTs and Bunds have held on to their gains overnight and
through early European trading. TY1 is up 0.016 on the day at 122.67 while RXM9
is up 0.09 at 164.64. Weak Chinese export data overnight has helped to keep
bonds on the front foot.
- However the shape of the UST and German curves has diverged. The UST curve has
bull steepened with 2y yields down 1.0bp on the day at 2.463% but 10y yields
down 0.5bp at 2.634%. The German curve has flattened with Schatz yields up 0.2bp
to -0.545% and 10y Bund yields are down 1.3bp at 0.054%.
- Gilts are largely unchanged with futures down 0.17 at 124.20, 2y yields 0.3bp
higher at 0.736% and 10y yields 0.4bp higher at 1.177%.
- EGB peripheral spreads have retraced some of their tightening yesterday while
semi-core spreads are largely unch to a little tighter today.
- European data has been mixed with upside surprises to Italian, French and
Spanish IP but German factory orders disappointing. The highlight for the day
ahead will be the release of the US employment report at 13:30GMT.