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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
- 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.