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EGB/Gilt

BOND SUMMARY

European sovereign bond markets trade mixed this morning with EGBs little changed on the day.

  • Gilts have traded weaker and the curve is marginally steeper. The Mar 21 gilt future trades at 133.96, towards the bottom end of the morning range (L: 133.87 / H: 134.18).
  • Bunds trade close to unch on the day. Last yields: 2-year -0.7479%, 5-year -0.7578%, 10-year -0.5570%, 30-year -0.1406%.
  • The OAT curve is 1bp steeper, largely on the short-end firming.
  • Amid signs of UK-EU negotiating positions firming, France has again warned that it could veto any Brexit deal if the terms are not satisfactory.
  • The European data calendar has been light today. Focus is on US NFP this afternoon.
  • Looking ahead, attention will be fixed on the ECB next year, which since the last policy meeting has strongly singled that additional stimulus is planned.

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