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BOND SUMMARY: Core fixed income has been under a little pressure this morning as
a modestly risk-on atmosphere has also seen equities move moderately higher.
- The big story in fixed income this morning has been the move in Australian
ACGBs with the 10y yield spiking around 7bp higher close to the London open.
There was no clear catalyst for the move but some trading desks have suggested
that someone got caught long pre hedging and had to drop their duration in to
the Australian close.
- Preliminary CPI data is the highlight for EGBs this morning with Spanish and
Italian inflation data both coming in a bit softer than expected while German
state CPIs have also been a little soft. German retail sales and unemployment
data were marginally better than expected. In the UK, the second print of Q2 GDP
was in line on a Q/Q basis but saw Q1 revised higher.
- Later today we will get the confirmation of the national German inflation
print and in the US, the MNI Chicago PMI.
- TY1 futures are down -0-8+ today at 130-04 with Bund futures down -0.28 at
173.93 and Gilt futures down -0.10 at 133.98.