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(N2) Primary Trend Remains Up


US-ASEAN Summit Concludes Today


(N2) Key Support Remains Intact

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ECB: ***At 1445BST today, the ECB will release the monthly update to PSPP
maturities and purchases.
- Last month's purchases were less relevant because of the thin August markets
but it was clear that German purchases fell more significantly than in France
such that purchased amounts were very similar in both countries.
- To be in line with capital keys, Germany should buy E12.1bln, France E9.5bln,
Italy E8.3bln and Spain E5.9bln. In terms of what is being done Italy, France,
Austria and Belgium have been generally overbuying in the past few months,
Germany has been roughly in line with their capital key and Ireland, Portugal
and Finland well below.
- In terms of buying maturities: German purchases have slipped down the yield
curve but French and Spanish buying looks to have been at quite long maturities.
- As always, German numbers attract most attention and will drive the
conversation as to how long PSPP can continue. Anything below E11bln of buying
will drive speculation of a German bond shortage. Italian, German, Austrian,
Finnish and Belgian redemptions in Sept will distort average maturity data.

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