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A fairly stable session for core global bonds in the early European session.
- Bund has traded in a 32 ticks range (176.28-176.60 low/high), with lighter volumes.
- German and Spanish final CPIs come out in line with expectation, and focus this morning is on the Italian 3/7/30s supply.
- Peripheral spread are a touch wider on the margin, Spain is the underperformer at 1.4bps, 76.0bps in the spread against the German 10 year.
- Gilts are leading gains against its peers, with the future contract up 31 ticks so far today.
- UK 5/30 curve is bull flattening reversing yesterday's price action and trading at levels seen yesterday's afternoon, at 76.88.
- US treasuries have traded in tandem with EGBs and sit 6 ticks up on the day, as Equities faded some of the big gains noted yesterday, with no end in sight regarding Covid fiscal stimulus.
- Looking ahead, focus turns to US jobless Claims, Fed Bostic, Brainard are also scheduled, and US 30 year Auction.