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Core EGBs are flat, with periphery......>

EGB SUMMARY
EGB SUMMARY: Core EGBs are flat, with periphery instruments outperforming
slightly Thursday as EGB markets returned from holiday in quiet fashion.
- Strong-ish PMI data earlier had little lasting impact on the EGB space. 
- Bunds are flat on the day after recovering from earlier declines, with OATs up
slightly, and periphery EGB spreads tighter on the open but steadying out over
the course of the day (Spain, Italy, Greece, Portugal all in 2-3bps v Bunds).
- ECB`s Nowotny argued for a rethink of the bank`s monetary policy framework.
- There has been very little to move the needle today, but Friday sees
appearances from ECB`s Weidmann and Enria, as well as the release of Eurozone
April consumer and producer price inflation. Also U.S. payrolls.
- Not much movement in the Euribor futures strip either, with a bit of bull
flattening the only discernable trend (Golds +1.0-1.5 ticks, short-end steady).
- Latest futures levels: 
* Jun Bund futures (RX) down 1 ticks at 165.3 (L: 164.97 / H: 165.48)
* Jun BTP futures (IK) up 37 ticks at 130.83 (L: 130.16 / H: 130.96)
* Jun OAT futures (OA) up 4 ticks at 162.04 (L: 161.64 / H: 162.19)

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