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European govies have traded firmer this morning with the eurozone periphery slightly outperforming.

  • Gilts sold off early in the session but quicky recouped losses and now trade close to unch on the day.
  • German yields are 1bp lower on the day and the curve trades flat.
  • It is a similar story for OATs, with marginal outperformance at the short end of the curve. Last yields 2-year -0.6790%, 5-year -0.6323%, 10-year -0.2665%, 30-year 0.4130%.
  • BTP yields are 2-3bp lower on the day with the curve bull flattening.
  • News that US President Donald Trump has tested positive for coronavirus has dominated the headlines this morning.
  • UK PM Boris Johnson and European Commission President Ursula von der Leyen are due to meet on Saturday in a bid to revive Brexit discussion following the EU's decision to pursue legal action against the UK in response to the internal markets bill.
  • Following a slew of weak inflation readings from Germany, France and Italy in recent days, the aggregate eurozone CPI print came in below expectations for September (-0.3% Y/Y vs -0.2% survey).
  • Supply this morning came from the UK with the DMO selling a combination of 1-/3-/6-month bills for GBP1.75bn.

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