Core fixed income has been under.......>

BOND SUMMARY: Core fixed income has been under pressure this morning. The

long-end of the German curve has seen the biggest moves, with 30y Bund yields up

6.0bps on the day at the time of writing. There has been a mild risk positive

undertone to markets. 

- This morning UK PM Boris Johnson has held a joint press conference with Irish

Taoiseach Leo Varadkar. Varadkar said that to date they had not seen any solid

plans to replace the backstop while Johnson said that under no circumstances

would the UK impose border checks. From the rhetoric, a deal still does not

appear imminent.

- Elsewhere, UK monthly GDP data surprised the upside, with the surprise almost

entirely driven by the service sector.

- The calendar is otherwise quiet for the day as the market looks ahead to the

ECB meeting later this week.

- TY1 futures are down -0-11+ today at 131-00+ with Bund futures down -0.50 at

174.73 and Gilt futures down -0.70 at 133.40.