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EGB SUMMARY: BTPs are getting hit after Rome defied Brussels Tuesday in the
ongoing Italian budget conflict, while Bunds are a bit stronger.
- Italian yields and spreads hitting November highs after the government refused
to change its macro/deficit forecasts in its EC submission.
- The Dec 18 BTP future is down 79 ticks at 120.93, albeit off 120.59 low. 2-Yr
yield up 9.1bps at 1.114%, 10-Yr up 8.1bps at 3.527%.
- 10-Yr spread v Bunds is up 9.6bps at 313.3bps, with Greece up 7.3bps at
411.9bps (Spain and Portugal out 2.9bps each).
- Bunds advancing, with Dec18 future up 15 ticks at 160.23, albeit near day`s
lows (160.21). 10-Yr outperforming, yield down 1.5bps at 0.394%.
- A Brexit showdown between UK PM May and her Cabinet in London also not helping
European risk appetite.
- In line with the slowdown in Germany (-0.2% Q/Q), Euro Area GDP is pencilled
in for a decline to 0.2% q/q from 0.4% in Q2.
- BBK Board member Claudia Buch and Joachim Wuermeling speak regarding the
Financial Stability Report 2018 in Frankfurt at 1000GMT.