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Core FI Lower At The Open

BOND SUMMARY

A reasonable facsimile of Monday's price action in early Tuesday trade, with Bunds and Gilts opening weaker as equities gain on the perception of reduced Sino-US tensions and some optimism re COVID treatments/vaccines.

  • Periphery spreads mixed in early trade, with Italy and Spain a little wider, Greece and Portugal a little tighter.
  • Germany sells EUR6bln of Schatz; UK sells total GBP4.25bln of 0.125% Jan-26 and 1.625% Oct-54 gilt.
  • In data, German final Q2 GDP was a little better than flash print on headline, with private consumption revised lower and capital investment higher. Next up is German Aug IFO at 0900BST.
  • No central bank speakers today.

Current levels:

  • Sep Bund futures (RX) down 44 ticks at 176.58 (L: 176.55 / H: 176.95)
  • Sep Gilt futures (G) down 27 ticks at 136.94 (L: 136.94 / H: 137.06)
  • Sep BTP futures (IK) down 43 ticks at 147.35 (L: 147.27 / H: 147.83)
  • Sep OAT futures (OA) down 41 ticks at 168.35 (L: 168.32 / H: 168.72)
  • Italy / German 10-Yr spread 1.4bps wider at 144.9bps

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