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EGBs have traded weaker this morning while gilts has firmed alongside broad gains for equities and FX vs the dollar.
- Preliminary European PMI data for October were mixed relative to expectations, though continuing to point towards sustained expansion in economic activity. There was a notable surprise for the UK series with the services print coming in at 58.0 vs 54.5 expected.
- UK retail sales for September disappointed with the ex Auto Fuel series down 0.6% M/M vs expected growth of 0.3% and marking the fifth straight month of contraction.
- The gilt curve has bull steepened with the 2s30s spread 2bp wider.
- Bunds have traded lower with cash yields broadly 1-2bp higher on the day and the belly of the curve underperforming.
- It is a similar story for OATs where yields in the belly of the curve have pushed up 2bp.
- BTPs yields are also 1-2bp higher across the curve.
- Supply this morning came from the UK (UKTBs, GBP2bn).