As expected there was no change in......>

EGB SUMMARY: As expected there was no change in ECB policy and no significant

update to the economic outlook. For the time being, the ECB appears on course to

end the APP in December and has indicated that there is unlikely to be a policy

rate hike until at the end of summer 2019.

- Core EGBs broadly rallied after the press conference. 

- The short end of the German bund curve is trading in the middle of the day's

range and the curve is slightly flatter. The 2s10s spread has narrowed slightly

to 100.6bps from 101.9bps.

- French OATs have traced out a similar path during the day. The 2-year

benchmark trades at -0.428% down from an intraday high of -0.413%.

- Italian BTPs have pushed lower through the day. The 2-year currently trades at

1.184% down from 1.2599%. The 7-year BTP posted the biggest yield drop, down

12bp

- Spanish yields have similarly edged lower with the 2-year yield trading down

to -0.185% from a high of -0.156%.

- Euribor futures are down 1.0 ticks in the greens/blues.