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Coronavirus headlines have been........>

BOND SUMMARY
BOND SUMMARY: Coronavirus headlines have been filling the screens this morning.
South Korea has announced an additional 48 cases of the virus, while Chinese
authorities are investigating an outbreak at Shandong prison. 
- European PMI data broadly indicate an improvement in manufacturing and service
sector activity, albeit with regional variation. These are flash estimates and
subject to change. In any case, it is possible the firms are stretching supplies
in the immediate term in response to coronavirus. As such, the perceived
improvement could prove fleeting if Coronavirus impacts intensify.
- USTs have been bid this morning and the curve has bull flattened. The 2s30s
spread is 3bp narrower.
- The longer end of the gilt curve has rallied, while <=10-year maturities trade
close to unch on the day.
- Bunds rallied early in the session but have since sold off with yields
returning to yesterday's closing levels.
- The long end of the French OAT curve is well bid with 30- and 50-year yields
down 4bp.

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