Curves move bear steeper

A busier afternoon session on the margin for EGBs as contract fades most of the rally achieved on Friday.

• US Treasuries dipped lower dragging core EU Govies lower, and Bund now trades below Friday's low at 171.96 at the time of typing.
• Curves are bear steepening, fading some of the Bull flattening bias of late.
• Peripherals are also lower, but lagging somewhat behind, pushing spreads tighter against the German 10yr.
• Greece and France are in the lead by 2.5 and 2.1bps respectively.
• France has been underpinned following Marie Le Pen's bad pool numbers.
• Looking ahead Fed's Williams Speaks at Banking Conference.
• Bund futures are down -0.61 today at 171.99 with 10y Bund yields up 3.5bp at -0.167% and Schatz yields up 1.4bp at -0.657%.
• BTP futures are down -0.22 today at 150.55 with 10y yields up 1.5bp at 0.886% and 2y yields up 1.7bp at -0.327%.
• OAT futures are down -0.26 today at 158.31 with 10y yields up 1.4bp at 0.174% and 2y yields up 1.5bp at -0.632%.