As widely expected, the ECB ended.......>

EGB SUMMARY: As widely expected, the ECB ended asset purchases at today's

monetary policy meeting, made slight downward adjustments to its economic growth

forecasts, and indicated that although the risks to the economic outlook are

balanced these risks are shifting to the downside. 

- The German bund curve has steepened on the back of the short-end rally. The

2s10s spread has pushed up to 85.9bps from a low of 83.2bps.

- French OAT yields have drifted lower since the morning and the curve has

steepened. The 2s30s spread has traded up 5bps.

- Italian bonds rallied in the morning after PM Conte indicated that the

government will seek a 2.0% budget deficit target in 2019, but sold off heading

into the ECB meeting with losses extended during the press conference. 

- The Spanish curve steepened slightly from 1430GMT, with 2s10s pushing up to

159.97bps from a low of 156.4bps.

- Euribor futures are down 0.5 ticks in whites, flat in reds and greens.