MNI China Daily Summary: Monday, November 25

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MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 85.7

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

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MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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EGB/Gilt

BOND SUMMARY

It has been a mixed start to the week for European sovereign bonds, while equities have inched lower and the dollar has gained against G10 FX.

  • Gilts have lacked direction and trade close to unch on the day with the curve similarly flat.
  • Bunds started the session on a stronger footing but gave up early gains to trade within 1bp of Friday's close.
  • The OAT curve has flattened 2bp on the back of the shorter end trading a touch weaker. Last yields: 2-year -0.3994%, 5-year -0.0102%, 10-year 0.5429%, 30-year 1.3993%.
  • BTPs have sold off slightly with cash yields 1-2bp higher on the day.
  • The UK's chief medical officer, Chris Whitty, has warned that the NHS could soon be overwhelmed if social restrictions are not adhered to.
  • Supply this morning came from Germany (Bubills, EUR4.265bn allotted).
  • The data calendar was relatively light this morning. Norwegian CPI data for December printed in line with expectations (1.4% Y/Y).
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