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Bunds are trading at their lows of......>

EGB SUMMARY
EGB SUMMARY: Bunds are trading at their lows of the day in line with other core
bond markets.
- The German IFO was weaker than expected with the expectations component
falling to its lowest level since November 2011. It has been a light data day
elsewhere, with the only other noteworthy release Belgian business confidence
which came in in line with expectations.
- The German curve has bear steepened today. Schatz started the day weakly but
recovered most of its losses and is now up 0.8bp on the day at 0.577%. 10y Bunds
are 2.1bp higher on the day at 0.201%.
- Peripheral spreads are generally tighter on the day. BTP-Bund spreads had been
the outlier earlier today as they had been widening but at the time of writing
BTPs are one of the outperformers with the 10y BTP-Bund spread narrowing 3.2bp.

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