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Better bid throughout the morning European session

BONDS
  • EGBs have been better bid today, and not very clear on the actual driver.
  • Flows have favoured fading, RECeiving, as we traded towards Yield resistances last Friday.
  • Moves are more corrective with short covering going through.
  • Volumes are still mostly below averages, which has helped exacerbate the price action.
  • Early action is squarely in Equities.
  • European peripheral spreads are a touch wider this morning against the German 10yr, but we trade well within past ranges.
  • Greece leads though, by 2bps wider.
  • Gilts have traded in line with Bunds, translating in a 0.5bp tighter spread at 124.5bps.
  • UK 5s/30s is leaning flatter, but short of the October low at 48.7333, now at 51.789.
  • Treasuries have lagged somewhat behind, but volumes to the buy side have also picked up in the past few minutes as we trade through the intraday high, printed 130.22+.
  • Looking ahead, speakers include ECB de Cos and Villeroy, but unlikely to learn anything new, with ECB this week
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