Another day, another new high for.......>

EGB SUMMARY: Another day, another new high for Bund and OAT futures as concerns

surrounding US-China trade continue, a number of central banks ease policy and

German and French data both disappoint.

- Had it not been for China moving the USDCNY fix higher, German IP could well

have been the story of the morning. June saw a Y/Y fall of -5.2%, the lowest

level since November 2009 while French trade data also disappointed.

- After seeing the entire German curve fall into negative yields over the past

few days, the 30y yield has continued to fall, with the curve flattening

further. There was also a technically uncovered Bobl auction this morning.

- In addition, 10y BTP yields fell to their lowest levels since 2016 today,

trading at 1.384% at the time of writing. Other peripheral spreads have also

compressed today.

- Bund futures are up 0.89 today at 177.47 with BTP futures up 1.41 at 141.60

and OAT futures up 0.91 at 169.25.