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Core EGBs have traded in choppy.........>

EGB SUMMARY
EGB SUMMARY: Core EGBs have traded in choppy fashion Wednesday but look to
finish higher, with periphery spreads slightly wider.
- Not much in the way of Eurozone newsflow this afternoon, but political noise
out of the UK (P.M. May rumoured to be facing an early exit) and U.S. Treasury
Sec Mnuchin commenting on tariffs and the debt ceiling has helped boost Bunds.
- German curve bull flattening: 2-Yr yield down 0.2bps at -0.627%, 5-Yr down
1.7bps at -0.505%, 10-Yr down 2.1bps at -0.084%, 30-Yr down 2.3bps at 0.57%.
- Little sign of risk being taken off the table on eve of EU elections starting,
with much already priced in. Spreads (IT, ES, PT) up 1.5-1.6bps each vs Bunds,
with Greece underperforming, 10-Yr 4.6bps wider at 349.7bps. 
- Thursday's highlights include Spain bond sale, German IFO, May flash PMIs.
- We also get ECB April minutes and appearances by ECB's de Guindos and Nowotny.
- Latest futures prices:
* Jun Bund futures (RX) up 30 ticks at 166.79 (L: 166.44 / H: 166.83)
* Jun BTP futures (IK) up 8 ticks at 130.11 (L: 129.88 / H: 130.24)
* Jun OAT futures (OA) up 32 ticks at 163 (L: 162.67 / H: 163.03)

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