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A poor session thus far to start the week for Bunds, with Italian spreads headed lower.
- Largely negative data in the morning (Spanish Mfg PMI and German retail sales, offset somewhat by a pickup in Italian PMI) saw little early reaction, with the direction of travel being mainly lower since then.
- No clear driver: issuance picking up w mandates announced (Finland, Cyprus, Belgium); broader risk-on with equities rising and Italy political risks seen fading.
- Mar Bund futures (RX) down 16 ticks at 177.09 (L: 176.97 / H: 177.42)
- Mar BTP futures (IK) up 35 ticks at 151.35 (L: 151.14 / H: 151.54)
- Mar OAT futures (OA) down 13 ticks at 166.94 (L: 166.86 / H: 167.25)
- Italy / German 10-Yr spread 3.9bps tighter at 112.2bps