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Periphery EGBs have rallied this morning while core European sovereign bond markets have started the week on a quiet note.
- Gilts have lacked direction and trade close to unch on the day. Last yields: 2-year -0.1063%, 5-year -0.0254%, 10-year 0.3258%, 30-year 0.8965%.
- Bunds trade a touch weaker with yields within 1bp of Friday's close.
- BTPs have rallied with cash yields 2-3bp lower on the day and the curve 1bp flatter.
- Supply this morning came from Germany (Bubills, EUR5.1175bn allotted) and the Netherlands (DTCs, EUR1.97bn).
- German retail sales data for December missed by a wide margin (-9.6% M/M vs -2.0% survey). The final January manufacturing prints for the UK and Italy were significantly better than expected.
- Having signed up for 60mn doses of Novavax, the UK government has added to its wide and growing stockpile of vaccines following its order of 40mn doses of the Valneva vaccine