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Core EGBs have recovered some earlier...>

EGB SUMMARY
EGB SUMMARY: Core EGBs have recovered some earlier losses in a fairly quiet
morning of trading, with periphery instruments trading mixed.
- German Bunds fell to the day's lows shortly after 0930BST following
stronger-than-expected Deutsche Bank earnings boosting risk sentiment, but have
regained some ground. Sep8 futures off 11 ticks, 16 ticks above the 162.71 low.
- The Italian curve steepened: 2-Yr BTP yields down 2.0bps and 10s up 2.5bps.
2-Yr spread over Bunds down 2.1bps at 129.8bps,but 10s out 2.1bps at 223.1bps.
- 10-Yr BTP yields have continued to test the 2.54% level (last 2.57%), which
marks the bottom of the elevated trading range seen since the late-May spike
amid political uncertainty.
- A mixed periphery performance overall: Spain 10-Yr 0.5bps tighter to Bunds at
at 92.3bps, Portugal 0.6bps out at 140.1bps.
- Euribor futures are trading just up from the day`s lows. Most price action has
been at the far end of the strip; Blue contracts are off 1.0-1.5 ticks. 
- Market attention on the Trump-Putin summit in Helsinki. Germany kicks off the
week's issuance Tues with a new Schatz; France and Spain tap markets Thurs.
MarketsFixed Income Bullets
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