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EGB/GILT:

BOND SUMMARY

European govies have lacked clear direction this morning while equities have broadly inched lower.

  • Gilts are marginally weaker on the day with cash yields within 1bp of yesterday's close.
  • Bunds are trading unch on the day. Last yields: 2-year -0.7132%, 5-year -0.7253%, 10-year -0.545%, 30-year -0.1223%.
  • OATs trade in line with bunds and are similarly skirting yesterday's closing levels.
  • Supply this morning came from Germany (Bobl, EUR3.297bn) and Greece (Bills, EUR487.5mn).
  • Preliminary French CPI data for September came in below expectations (0.0% Y/Y versus 0.2% consensus), while Italian CPI severely undershot (-0.9% Y/Y vs -0.4% survey). This follows the similarly weak German CPI prints from yesterday.
  • Looking ahead, the MNI Chicago PMI print for September will published later today in addition to the third estimate of US Q2 GDP.
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