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EGB/Gilt: Focus On Broadbent Later Today

BONDS

European government bonds got off to a weak start before clawing back earlier losses during the latter part of the morning session. Equities are broadly higher while trading in FX has been mixed.

  • Gilts now trade close to flat on the day.
  • Bunds have recovered some lost ground, while still trading below the Friday close. Cash yields are now 1-2bp higher on the day.
  • OAT yields are ~1bp higher across much of the curve.
  • BTPs have outperformed with yields pushing down 1-2bp.
  • Supply this morning came from Germany (Bubills, EUR4.96bn allotted) and the Netherlands (DTCs, EUR1.50bn).
  • The UK construction PMI for November came in above expectations (55.5 vs 54.2 survey), while the German print remained in contraction territory (47.9).
  • The slate of European central bank speakers is light today with the BoE's Broadbent being the only contributor of note.

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