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Data and Month End in focus

BOND SUMMARY

A steady morning trading session for EGBs in general.

  • Most contracts trades in the green, after yesterday's sell off, led by Bunds.
  • Futures are better bid, underpinned, unwinding some of yesterday's sell off, which was boosted by some countries set to re-open, providing a more positive growth outlook, and a potential Summer Boom back on the table.
  • Main early focus was on European data, which included French, EU, Portugal CPI/PPI, Spanish Retail sales and EU, German, Spanish and Portugal prelim GDP.
  • But very little impacts in markets.
  • Peripherals trade mostly close to flat against Germany, albeit leaning a touch wider.
  • Gilts have traded inline with Bund, and trade 10 ticks up at the time of typing.
  • US treasuries remains within the tight overnight range, but still lagging versus Core EGBs, to trade a touch in negative territory.
  • Not much in terms of Month Flow noted so far, but some investors will be keeping an eye on any potential action going towards the European close.
  • Looking ahead, plenty more data are scheduled for release ahead of the bank holiday weekend.
  • This includes US PCE deflator, Chicago PMI, Michigan sentiment and Canadian GDP.
  • Fed Kaplan is the only speaker left for the day.
  • After markets, Fitch rating on Germany and DBRS on Italy

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