Bond markets have broadly traded.......>

BOND SUMMARY: Bond markets have broadly traded weaker this morning. 

- US Treasury yields are 4-5bp higher. Current yield levels: 2-year 1.889%,

5-year 1.899%, 10-year 2.131%, 30-year 2.612%.

- UK GDP data disappointed this morning, dragged down by the industrial and

construction sectors. Later on today we will have the final list of candidates

for the Conservative leadership race. Gilts sold off early into the session, but

have since clawed back losses. Yields are ~2bp higher.

- The longer-end of the bund curve remains under pressure, with the 30-year

yield up ~5bp. 2s30s is 4bp wider.

- The French OAT curve has similarly bear steepened with 2s30s up 4bp.

- Italian BTPs are the big mover this morning. The 5-year benchmark is

underperforming the curve, which has narrowed on the back of selling pressure at

the short end.

- Euro$ futures are 2.0-3.5 ticks lower. The Euribor futures strip is broadly

flat in whites and 1.0-2.0 ticks lower in greens/blues.