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After opening with a mild risk-off tone EGBs...>

EGBS
EGBS: After opening with a mild risk-off tone EGBs have settled down and are now
trading little changed as markets await next directional move. Unfortunately
there is a dearth of Eurozone data today, luckily though, there is UK inflation
data and US empire manufacturing and retail sales to keep traders at their
desks.
- German 10-yr yield is currently 0.3bp higher at 0.330% with 2-yr and 30-yr
sectors ever so slightly underperforming with yields circa 0.5bp higher.
- EMU periphery bonds have recovered majority of there opening move lower as
markets continue to keep an eye on Italy and its budget discussions. 10-yr
Bund/BTP spread is unchanged at +270.2bps while 10-yr Bund/Bonos spread is 0.5bp
tighter at +108bps. Once again curves are not showing much movement so far this
morning.
- Looking ahead, data from the Eurozone picks up on Thursday and Friday with
final EMU inflation released on the 17th.
- Europe future are mixed, strip a touch flatter as blue contracts rise by 0.5
tick

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