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Core European govies started the session on a weak footing, but recovered early losses, and partially unwinding yesterday's sell off. European stocks and global energy have inched lower while the US dollar is on the back foot against G10 FX.
- Gilts have traded firmer through the morning and are now in line with yesterday's closing levels. The curve is 1bp flatter on the day.
- It is a similar story for bunds. Last yields: 2-year -0.7154%, 5-year -0.6912%, 10-year -0.4493%, 30-year 0.0164.
- The OAT curve is marginally steeper with the 2s30s spread 1bp wider.
- BTPs are now close to unch on the day with the curve flat overall.
- Supply this morning came from Germany (linker, EUR1.111bn allotted), Spain (letras, EUR6.67bn), Belgium (TCs, EUR 2.022bn) and Finland (bills, EUR2bn).
- The European data calendar was relatively light again this morning. German export data for December came in better than expected (0.1% M/M vs -0.6% survey), while Italian industrial production for the same period missed (-0.2% M/M vs 0.3% expected).