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Bunds rise on the open, Portugal spreads wider

EGBS
  • Bunds on the rise after the cash open with futures moving around 20 ticks higher to trade around 169.30 at writing. This is largely taking cues from Treasuries and ACGBs, which moved higher after the RBA stated it was willing to be patient overnight.
  • Portugal spreads are widening this morning, on no obvious headline so far. 10-year spread to Bunds 3.8bp wider on the day, more than unwinding yesterday's election-induced tightening. No obvious headline so far, but we are looking for news.
  • Other peripheral spreads less eventful, with mixed moves all constrained to 0.7bp or less.
  • As we noted earlier, French HICP at 7:45GMT to set the tone, with final PMI prints due this morning too.
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