After moving higher through the Asian...>

EGB SUMMARY: After moving higher through the Asian session, Bunds hit their

highs of the day shortly before 08:00GMT, stayed rangebound through the European

morning session and began to follow Treasuries lower around 13:45GMT. Bunds

troughed just ahead of the US equity cash open and have retraced most of their

losses for the day to trade roughly flat on the day. There have been no real

notable drivers of today's moves.

- The only noteworthy European economic data point today was the German ZEW

survey which saw expectations miss, but stay significantly above their levels of

4-6 months ago, with coronavirus fears cited amongst the drivers. The US empire

manufacturing print (also post coronavirus data) was better than expected,

however.

- BTP and GGB spreads to Bunds have widened a little today but most other

spreads are largely unchanged.

- Bund futures are up 0.11 today at 174.56 with BTP futures down -0.15 at 148.13

and OAT futures up 0.03 at 167.07.