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Market awaits US employment data.
- EGBs have traded heavy this morning with curves bear steepening.
- Equity bid and comments from ECB Kazak "decision to slow Bond buying possible in June", have kept the lid on Govies.
- BTP, fell with Bunds, and 10yr yield now eye the May high at 0.944%, also highest yield level since 21/09.
- BTP support noted at 146.70 Low May 3, has so far held, with the contract printing 146.79 low.
- Peripherals are trending a touch wider, Italy at 1.3bp.
- Gilts have ticked lower inline with EGBs, and also following the UK local election headline, that UK Conservatives won Hartlepool, in what was a massive blow for the Labour party.
- US treasuries are trading within overnight ranges and sits in red territory at the time of typing.
- US curve also leans bear steeper, on limited volume and market flow ahead of the US NFP.
- Looking ahead sees US and Canadian employment data.
- US President Biden delivers remarks on the April jobs report
- More speakers are scheduled, including ECB Lagarde, BoE Broadbent and Haldane, Fed Barkin.
- After markets, rating from Fitch on Austria and France, and Moody on Italy