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EGB/Gilt: Edging Lower

BOND SUMMARY

European bonds have sold off this morning while equities have recovered some of yesterday's losses.

  • Gilts have underperformed EGBs with yields broadly 1-4bp higher on the day and the curve bear steepening.
  • UK GDP data for May was slightly weaker than expected at 3.6% (3M/3M) vs 3.9% survey.
  • Bunds had a choppy start with yields now edging higher while still within 1bp of yesterday's close.
  • It is similar for OATs where yields are 1bp higher across much of the curve.
  • Price action in BTPs has been relatively contained with trading near yesterday's closing levels.
  • Supply this morning came from the UK (UKTBs, GBP3.0bn) and Italy (BOTs, EUR7.5bn).
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