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Shell's Declining Production

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EGB SUMMARY: Bunds have outperformed both USTs and gilts today with core bond
markets globally moving lower and continue to pare the gains of Tuesday's rally.
- BTP spreads have been in focus once more, driven wider following comments from
the Italian Economy Minister that Italy will make its own proposals over ESM
reform. At the time of writing 10y spreads had widened over 5bp on the day,
dragging most other peripheral spreads wider too. The exception is GGB spreads
which have narrowed again, following the recent moves wider.
- Bund futures are down -0.47 today at 172.15 with 10y Bund yields up 2.2bp at
-0.295% and Schatz yields up 0.9bp at -0.624%.
- BTP futures are down -1.03 today at 141.75 with 10y yields up 8.2bp at 1.370%
and 2y yields up 4.6bp at 0.080%.
- OAT futures are down -0.51 today at 164.13 with 10y yields up 2.9bp at 0.020%
and 2y yields up 0.8bp at -0.595%.

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