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EGB SUMMARY: Core EGBs have sharply reversed from best intraday levels but
remain higher on the day Friday, with Italian BTPs recovering.
- Jun Bund futures spiked to fresh contract highs at 168.63 by 1100UK time, on
both global trade fears and weak German data, though gains have since faded.
- 2-Yr German yield is down 3.1bps at -0.671%, 5-Yr is down 2.2bps at -0.582%,
10-Yr is down 2.2bps at -0.197%, and 30-Yr is down 3.4bps at 0.437%.
- Italian spreads have round-tripped, after rising to fresh 2019 highs. Local
press reported Rome would tell EU it planned to cut welfare costs.
- Italy / German 10-Yr spread last 0.3bps tighter at 282.8bps.
- Greece is the star of the day, 10-Yr yield 11.9bps tighter to Bunds at 311bps
as it went below 3% for the first time. Only 29bps outside Italy.
- Euribor strip up 1.0-1.5 ticks. Latest EGB futures prices:
* Jun Bund futures (RX) up 39 ticks at 168.39 (L: 168.3 / H: 168.63)
* Jun BTP futures (IK) up 13 ticks at 130.29 (L: 128.99 / H: 130.39)
* Jun OAT futures (OA) up 32 ticks at 164.3 (L: 164.12 / H: 164.42)