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Eruopean govies have traded slightly firmer this morning alongside incremental equity gains, fresh upside for oil and broad G10 FX strength against the US dollar.

  • Gilts trade close to unch on the day. Last yields: 2-year -0.0392%, 5-year 0.0045%, 10-year 0.3190%, 30-year 0.9057%.
  • The bund curve has flattened with the 2s30s spread 2bp narrower on the day.
  • OATs are marginally firmer with cash yields within 1bp of yesterday's closing levels.
  • BTPs trade broadly in line with core EGBs.
  • Supply this morning came from Germany (bund, EUR2.4285bn allotted) and the UK (Gilts, GBP2.25bn).
  • UK CPI data for October came in above expectations (0.7% Y/Y vs 0.5% survey). The final Eurozone CPI print for October matched the initial estimate (-0.3% Y/Y).
  • The BoE's Andy Haldane earlier warned of the lasting economic scars from Covid. BoE Governor Andrew Bailey is due to speak at an event organised by the Carnegie Institute for World Peace at 1630GMT.

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