EGB/GILT - Pare early losses

EGBs and Bund have pared some of the early selling, coming under pressure as risk extended higher, and German final GDP was revised higher

• .Upside in Equities have lagged momentum, although Mini S&P did print a new all time high this morning.
• Govies are back towards to top end of the ranges, but well within yesterday's price action.
• Peripheral spread are leaning tighter against the German 10yr.Spain and Italy lead, by 0.7bp tighter.
• Gilt has been dominated by more rolls this morning, with the front contract trading more volumes than Bund and similar to US Treasuries.
• More than half of the front month volumes is spread related.
• Looking ahead, we no real market moving data scheduled. ECB Schnabel in the panel "The implications of the rise in non-bank financial intermediation".
• But given the subject, shouldn't move the needle.
• The US President meets virtually with G7 leaders to discuss Afghanistan policy.
• And later today, Ursula von der Leyen and President of the European Council Charles Michel give joint press conference following the G7 leaders' meeting.