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European government bonds have broadly rallied this morning alongside G10 FX gains against the US dollar.
- The gilt curve has bull flattened with the 2s30s spread 2bp narrower.
- Bunds have firmed with cash yields 1-2bp lower on the day. Last yields: 2-year -0.7170%, 5-year -0.7357%, 10-year -0.54214, 30-year -0.1217%.
- OATs trade in line with bunds, with the curve similarly flattening during the morning session.
- BTPs have outperformed core EGBs with cash yields 2-5bp lower.
- Supply this morning came from Italy (BOTs, EUR7bn) and the UK (Bills, GBP1.75bn)
- UK monthly GDP for August disappointed (2.1% M/M vs 4.6% survey). The UK and French industrial production prints similarly missed expectations, while Italian production surprised higher (7.7% M/M vs 1.4% survey).