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European government bonds have traded mixed this morning alongside further downside for equities. Signs over the weekened that the US is attempting to coordinate a Russian oil import ban with its allies has further dented the outlook for growth and inflation, as well as injecting fresh uncertainty over President Putin's response.

  • Oil prices have surged again on the possibility of an import ban with Brent crude last seen at USD125/bbl, with spillovers to inflation markets. The EUR 5y5y forward inflation swap has edged up to 2.2925% from an intraday low of 2.0213%.
  • Gilts have traded weaker with the curve bear flattening. Cash yields are up 3-6bp with the curve 2-3bp flatter.
  • Bunds have firmed on the day with yields 3-5bp below the Friday close.
  • Performance across the OAT curve has been uneven. Must of the curve has firmed with yields down 2-5bp, although the 10-year benchmark has weakened below the Friday close.
  • BTPs have sold off with the curve bear flattening. Cash yields are up 1-5bp.
  • Supply this morning came from Germany (Bubills, EUR5.077bn) and the Netherlands (DTCs, EUR2.68bn). Later today France will offer EUR4.-5.7bn of BTFs.
MNI London Bureau | +44 0203-865-3808 |
MNI London Bureau | +44 0203-865-3808 |

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