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Following the abrupt risk-off mood at the back end of last week, markets have paired back this morning with equities pushing higher and European sovereign FI selling off.
- The ECB's Villeroy and de Cos reiterated again the official line that the inflation spike is largely transitory, while Isabel Schnabel also stressed that it would be premature to consider policy tighten.
- Gilts have underperformed EGBs with cash yields 2-4bp higher and the curve bear flattening.
- Bund yields are 1-3bp higher on the day.
- The sell-off in OATs has been relatively contained with cash yields up 1-2bp.
- It is a similar story for BTPs where yields have edged up 1bp across the curve.
- German regional CPI data for November accelerated sharply from the previous month with the national estimate due out at 1300GMT.
- Supply this morning came from Germany (Bubills, EUR5.132bn allotted).