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Core EGBs have sold off and the.........>

EGB SUMMARY
EGB SUMMARY: Core EGBs have sold off and the periphery has rallied
- German yields have drifted slightly higher. The benchmark 2-year bund yield
trades at -0.610% from a session low of -0.625%, while the 10-year has edged up
to 0.325% from 0.299%. The curve has steepened, with the 2s10s spread ticking
higher to 92.5bps from 90.5.
- French OATs have traced out a similar path since mid-morning. Levels: 2-year
-0.455%, 5-year 0.007%, 10-year 0.665%, 30-year 1.560%.
- Italy BTPs have rallied throughout the day. The 2-year BTP yield has pushed
down to 1.013% from 1.185% and the 10-year is down to 2.948% from 3.053%. The
2s30s spread has widened to 257.2bps from 239.4bps.
- Spanish yields dropped in the early morning and have since stabilised. Key
levels: 2-year -0.353%, 5-year 0.332%, 10-year 1.356%, 30-year 2.482%.
- The Euribor futures strip has steepened with greens/blues down 1.0-2.0 ticks.

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