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0.875% Jul-33 Green Gilt


CPI Rises to 21.1% y/y in October


Put spread seller


USD falls as Govies rally


Govies and Rates lead higher

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EGB SUMMARY: Bunds are a little weaker (though well off lows) after a day of
choppy trade, while periphery spreads have reversed earlier tightening.
- Little in the way of market-driving data/news: Italy IP data was very weak,
but was for March so ancient history. Interview with ECB's Schnabel / ECB Mersch
speech focused on digital currencies did nothing to move the needle.
- Activity picks up Tuesday, with German/Dutch bond sales, and UK-EU future
partnership negotiations restarting.
- MNI's latest EGB positioning indicator suggests concentrated longs in Schatz
futures; OAT longs have waned though. See Email or contact us for access.
- ** Latest levels:
* Jun Bund futures (RX) down 33 ticks at 173.44 (L: 173.22 / H: 173.74)
* Germany: The 2-Yr yield is up 2.2bps at -0.756%, 5-Yr is up 2bps at -0.735%,
10-Yr is up 1.9bps at -0.518%, and 30-Yr is up 2.2bps at -0.049%.
* Jun BTP futures (IK) down 45 ticks at 137.85 (L: 137.73 / H: 138.59)
* Italy / German 10-Yr spread 0.1bps wider at 238.3bps

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