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EGB/GILT: EGBs have traded firmer......>

BOND SUMMARY
BOND SUMMARY: EGB/GILT: EGBs have traded firmer across the board, while equities
and oil have chalked up fresh losses.
- News that the US has ordered China to close its consulate in Houston owing to
concerns over the protection of intellectual property rights has triggered a lot
of speculation during the European morning session.
- Gilts rallied from then open, but subsequently gave up most of the gains to
trade close to unch on the day.
- Bunds are bid with cash yields 1-3bp lower on the day and the curve bull
flattening.
- OAT yields are similarly 1-2bp lower across the curve.
- BTPs have outperformed, while the curve trades close to flat overall. Current
yield levels: 2-year -0.0566%, 5-year 0.5466%, 10-year 1.0575%, 30-year 2.0152%.
- Supply this morning came from the UK (Gilts, GBP3.0bn & Linkers, GBP0.5bn),
Germany (Bund, EUR1.26bn) and Portugal (PGBs, EUR1.25bn).
- The data calendar is light again today with no Tier 1 releases for Europe.

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