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EQUITIES

Positive Start

KOREA RATES

5-Year Auction Results

RBNZ

VIEW: TD Securities Tweak RBNZ Call

GOLD

Softer USD Lends Support

US TSYS

10s Out Of The Recent Range

CHINA RATES

Injection Helps Keep Repo Rates Subdued

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EGBs are a touch weaker this morning amid fresh losses for equities in the wake of concerns about Chinese tech stocks and the regulatory clampdown.

  • Gilts have traded firmer this morning, in contrast to EGBs. Cash yields are broadly 1bp lower across the curve, which is close to flat overall.
  • Bunds have lacked direction, with yields only marginally above yesterday's close.
  • OATs similarly trade soft with price action relatively contained.
  • It is a similar story for BTPs, which trade in line with core EGBs.
  • Eurozone GDP data for the second quarter came in better than expected (2.0% Q/Q vs 1.5% survey). Headline inflation for July was similarly above consensus at 2.2% Y/Y vs 2.0% expected.
  • Supply this morning came from the UK (Bills, GBP3bn).
  • Market focus shifts to the US PCE data later today.