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EGB SUMMARY: Bunds started the day on the front foot following the release of
German Q2 GDP data which confirmed that the German economy contracted. Shortly
after the US came into the office, risk saw somewhat of a recovery. Moves were
perhaps a little overdone on yesterday's tariff announcements and there is still
a long way to go in negotiations. However, the move lower for Bunds was not
maintained and at the time of writing, Bund futures have recently made another
new high, hitting 177.44. Cash Bunds yields have hit record lows of -0.657.
- Peripheral spreads are tighter on the day. BTPs have been among the
outperformers on the day with spreads 6.5bp tighter on the day. There haven't
been any significant Italian headlines to follow-up the morning newspapers.
- Bund futures are up 0.64 today at 178.32 with 10y Bund yields down -4.3bp at
-0.654% and Schatz yields up 0.3bp at -0.879%.
- BTP futures are up 1.07 today at 140.33 with 10y yields down -10.8bp at 1.508%
and 2y yields down -4.6bp at 0.085%.
- OAT futures are up 0.77 today at 169.83 with 10y yields down -5.8bp at -0.375%
and 2y yields up 0.3bp at -0.773%.