After the big moves of the past few.....>

EGB SUMMARY: After the big moves of the past few days, EGB markets have been a

little more subdued today.

- Salvini has been talking about but his comments are no longer moving the

markets as much despite him saying that Italy needs a "Trump-like" shock which

breaks the rules. Indeed, the spread tightening that started yesterday afternoon

has continued today with the 10y spread 7bp tighter at writing, moving us back

to levels seen at Tuesday's close. This is set to the first close-to-close

tightening of more than a basis point since May 2nd.

- Bund futures have seen small moves, up 0.03 today at 166.97 with 10y Bund

yields down -0.2bp at -0.101% and Schatz yields up 0.3bp at -0.654%.

- BTP futures are up 0.55 today at 129.65 with 10y yields down -6.8bp at 2.678%

and 2y yields down -5.9bp at 0.677%.

- OAT futures are up 0.23 today at 163.23 with 10y yields down -1.6bp at 0.287%

and 2y yields up 0.3bp at -0.576%.