EGB/Gilt: EGBs and gilts have been.....>

BOND SUMMARY: EGB/Gilt: EGBs and gilts have been under some pressure this

morning - particularly Bunds. Shortly after 8am GMT there was a downward leg in

Bunds which led gilts lower. There was some talk that this move was

order-driven, and possibly a positioning adjustment ahead of the ECB meeting

this week.

- The UK election remains in focus with the continued fall out from Boris' gaffe

yesterday dominating headlines, but too early to show up in the polls so far.

- Economic data has done little to move markets today. UK monthly GDP was a

little disappointing, printing flat in October but the German ZEW showed a large

increase in the expectations component in particular. French and Italian IP data

were mixed.

- The market continues to focus on events risks - the Fed and ECB meetings, the

UK General Election and the state of US-China trade negotiations.

- Bund futures are down -0.09 today at 172.28 with BTP futures down -0.05 at

142.78 and OAT futures down -0.08 at 164.20. Gilt futures are down -0.15 today

at 131.81 with 10y yields up 1.5bp at 0.776% and 2y yields unch at 0.568%.