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The market narrative has been steered by the strong equity rally this morning.

  • Gilts have incrementally firmed with the curve a touch flatter. Last yields: 2-year -0.0323%, 5-year 0.0027%, 10-year 0.2976%, 30-year 0.8413%.
  • Bunds trade close to unch on the day with the curve flat overall.
  • The BTP curve has bear steepened with cash yields 1-3bp higher.
  • Supply this morning came from the UK (Gilts, GBP5.25bn), Spain (Letras, EUR2.647bn) and the ESM (Bills, EUR1.5bn).
  • The Italian and Spanish PMI prints for November came in lower than expectations. The Eurozone flash CPI estimate for November was similarly a touch weaker at -0.3% Y/Y vs -0.2% survey.
  • Adding to the gloom on the UK retail front and providing a glimpse of the risks to the economic recovery, department chain store Debenhams is set to enter liquidation after rescue talks with JD sports failed. This follows quickly on the heels of the collapse of Arcadia with combined potential job losses of 25,000.

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