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Corrective Pullback


T-Notes Turn Heavy, Cash Curve Bear Flattens


JPY Underperforms Weaker USD Backdrop


(Z2) Rally Extends


(Z2) Arrives At The 50-Day EMA

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EGB SUMMARY: Core EGBs have weakened as Italy has rallied over the course of the
morning, as EGBs in general continue to seek a decisive direction.
- Italian BTPs have had a typically volatile day, but have rallied to near
intraday highs after selling off early: Dec future up 45 ticks at 120.42, having
traded in a range of 119.3-120.52 today.
- 2-Yr BTP yield is down 1.8bps at 1.367% (after high of 1.543%), 10-Yr lagging
the rally, up 1.9bps at 3.495%. 
- Fin Min Tria's testimony to parliament struck a more conciliatory tone re
Brussels, but did nothing to disavow earlier comments by Deputy PMs Di Maio and
Salvini that there would be no changes to budget plans.
- Euribor futures are a little weaker, Dec20-Sep22 contracts off 1.5-2.0 ticks.
- Aug-28 Bund auction went technically uncovered today (and Dec 18 future down
23 ticks at 157.86); Portugal saw decent auction for its benchmark 10-Yr PGB.
- EGB Periphery spreads are down, particularly for Greece, 10-Yr in 10.9bps vs
Bunds at 392.5bps.

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