Bunds are on the front foot this........>

EGB SUMMARY: Bunds are on the front foot this morning, moving higher on the back

of continued concerns surrounding global trade following a couple of editorials

written in the Chinese state media overnight. Despite yields being lower than

current levels intraday last week, 10y yields have not closed at or below

current levels since 2016.

- PMIs and the German IFO this morning have also not helped sentiment with

better French data but disappointments elsewhere.

- European elections are taking place between today and Sunday.

- Bund futures are up 0.43 today at 167.15 with 10y Bund yields down -2.4bp at

-0.111% and Schatz yields down -0.8bp at -0.643%.

- BTP futures are down -0.27 today at 129.87 with 10y yields up 3.2bp at 2.663%

and 2y yields up 2.5bp at 0.593%.

- OAT futures are up 0.34 today at 163.26 with 10y yields down -2.0bp at 0.285%

and 2y yields down -0.1bp at -0.573%.

- Peripheral spreads are generally a little wider on the day, in line with the

sell-off in risk.