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As you can imagine it is a very slow....>

EGB SUMMARY
EGB SUMMARY: As you can imagine it is a very slow start to European government
bond trading with London observing August Bank Holiday and the fact that ECB
President Mario Draghi did not give anything clues regarding the path of its
Quantitative Easing programme. The Bund yield is a modest 0.7bp higher relative
to Friday's European close at 0.387%.
- ECB President Draghi appeared constrained in what he could say in his official
speech at Jackson Hole, but some in the market interpreted this as slightly
hawkish as he did not comment on the strength of the Euro.
- However in the Q&A Draghi did say that the "recovery is proceeding" and on the
"one hand are confident that as the output gap is closes inflation will continue
converging on its objective over the medium term".
- Little in way of data Monday and with only a small Italy CTZ auction scheduled
today, attention likely be on NY open, latest ECB PSPP buying data and the start
of 3rd round of Brexit negotiations in Brussels.
- EMU Periphery are just starting to come under a little pressure with Portugal
seen 1.5bp wider, but with no new news, ranges are likely to remain tight.
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