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Core European FI curves have flattened on the back of the short end weakening and longer end making gains. Equities have broadly pushed higher, while FX performance has been mixed.
- The gilt curve is now 1-2bp flatter on the day.
- It is a similar story for the bund curve where the 2s30s spread is 2bp narrower.
- OATs have outperformed at the longer end with benchmark 30- and 50-year yields down 2bp and the very long end of the curve 3bp flatter.
- The BTP curve has shifted lower with cash yields broadly down 1-3bp.
- The final estimate of German GDP was a touch weaker in Q/Q terms (1.7% vs 1.8% expected) while in line with the previous estimate in Y/Y terms.
- Supply this morning came from Italy (BTP/BTPei, EURbn).
- The ECB's Lagarde and Villeroy are due to speaker later toady as are the BoEs Bailey and Haskel.