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Greece Suggest Gas Reduction Compensation Scheme


Seeing broader base losses


(U2) Bears Pause For Breath


US follows European Gas Higher


Repo Reference Rates

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BOND SUMMARY: Bonds are on the backfoot this morning, led by gilts following
yesterday's Chequers meeting and today's busy Brexit schedule. An emergency
meeting cabinet meeting is being held this morning ahead of a parliamentary
debate which begins at 1700GMT with the votes on amendments due around 2200GMT
- Gilt futures are down 0.31 this morning to 128.91 wit h10y gilt yields up
2.3bp to 1.037% with 2y yields up 2.1bp to 0.680%.
- Bunds have also been helped higher by a better than expected German IFO. Some
market participants had been looking for a miss after Friday's disappointing PMI
manufacturing. However, 10y Bund yields have moved negative again an MNI
interview with Ardo Hansson in which he stated that QE could return and that
TLTRO details may not be announced in June. RX1 is down 0.30 to 165.44 with 10y
Bund yields up 1.1bp to -0.005% and Schatz yields up 0.3bp to -0.562%. Periphery
spreads are generally unch on the day.
- TY1 is down 0-03 to 123-30 with 10y UST yields up 2.3bp to 2.462% and 2y UST
yields up 1.0bp to 2.327%.

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