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Back Towards Session Bests As Tsys Firm & E-Minis Tick Lower

BONDS

Bund futures tilt back towards best levels as U.S. Tsys firm and e-minis soften in the early NY morning, leaving futures +160 ticks, while the major cash benchmarks are 10-15bp richer, as the belly outperforms. Similar moves have been seen across the remainder of the core/semi-core EGB space, while 10-Year peripheral spreads are flat to a touch wider vs. Bunds. The post-UK PMI downtick in Gilts capped the early Eurozone PMI-driven bid, although a much more notable pullback was observed in Gilts, owing to feedthrough into BoE pricing.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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