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After yesterday's disappointing PMIs,...>

EGB SUMMARY
EGB SUMMARY: After yesterday's disappointing PMIs, the German IFO today
disappointed pushing Bunds higher on the day. However, this marked the highs of
the day so far for Bunds.
- Focus now turns to the ECB with the policy statement due to be released at
12:45BST ahead of Draghi's press conference at 13:30BST. Most analysts expect
September to be the live meeting for policy changes with today's meeting to set
up policy. Hence, forward guidance is expected to be tweaked with "or lower"
added to indicate that the deposit rate could be lowered in the future.
- Ahead of the meeting, peripheral spreads are largely unchanged on the day.
- Bund futures are up 0.04 today at 174.34 with 10y Bund yields down -0.7bp at
-0.387% and Schatz yields up 0.1bp at -0.787%.
- BTP futures are down -0.02 today at 140.21 with 10y yields up 0.8bp at 1.499%
and 2y yields down -0.2bp at -0.98%.
- OAT futures are up 0.07 today at 166.49 with 10y yields down -0.8bp at -0.125%
and 2y yields down -0.3bp at -0.719%.
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