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European government bonds have sold off this morning and curves have bear steepened alongside broad gains for equities and the USD.
- Gilts have drifted lower, continuing from yesterday afternoon's sell-off and unwinding gains from the beginning of the week. Cash yields are now 1-2bp higher on the day.
- Bund yields have similarly pushed up 1-2bp across much of the curve.
- BTPs have underperformed core EGBs with yields 2-5bp higher and the belly of the curve leading the charge.
- It is a similar story for OATs, which trade in line with bunds.
- Supply this morning came from the UK (Linker, GBP700mn), Germany (Bund, EUR3.316bn allotted) and Italy (BOTs, EUR7bn).
- The final German CPI print for July matched the initial estimate (3.1% Y/Y). Focus later today shifts to US CPI at 1330GMT.