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Bunds are trading a little stronger.....>

EGB SUMMARY
EGB SUMMARY: Bunds are trading a little stronger to start Wednesday, while Italy
is paring some of Tuesday`s losses early.
- The Dec 18 Bund future is up 4 ticks at 159.83, having traded in a 21-tick
range so far. The 2-Yr yield is unchanged at -0.605%, 5-Yr is up 0.2bps at
-0.167%, 10-Yr is up 0.4bps at 0.413%, and 30-Yr is up 0.4bps at 1.029%.
- On supply front, Germany taps the 0.00% Oct-23 Bobl for E3.0bln this morning.
- Italy Deputy PM Salvini had typically bombastic comments this morning, saying
that while Italy doesn`t want to leave the euro/EU, Brussels can send as many
letters on the budget that they want but `Italians come first`.
- Dec 18 BTP future is up 41 ticks at 120.54, 10-Yr spread vs Bunds down 6.9bps
at 311.4bps, 2-Yr down 8bps at 175.9bps.
- Spain/Portugal/Greece spreads in between 0.5-2.0bps.
- EMU Oct Manuf PMIs out presently; France manuf came in slightly below
consensus while Services beat; Germany and EZ out shortly.

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