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A steady session for EGBs, as UK and the US return from a Bank Holiday weekend.

  • Most of the price action is as expected on rolling positions into September ahead of expiry on the 8th June, but also expects for the majority to be done with all eyes on the US NFP Friday.
  • Bund was initially under pressure, helped by the beat in Manufacturing PMIs across Europe.
  • But the contract has since recovered to trade flat on the day.
  • Peripherals are mixed, withe BTP the standout, to trade 1.3bps tighter.
  • Gilts underperforms and the contract is down 20 ticks despite the PMI miss and concerns over a 3rd wave of infections, if the UK re-open too quickly by the end of June.
  • Looking ahead sees US Manufacturing PMI as well as ISM
  • Bund futures are up 0.07 today at 170.01 with 10y Bund yields unch at -0.188% and Schatz yields up 0.5bp at -0.664%
  • BTP futures are up 0.33 today at 147.65 with 10y yields down -1.4bp at 0.894% and 2y yields down -0.9bp at -0.337%
  • OAT futures are up 0.12 today at 160.55 with 10y yields down -0.3bp at 0.165% and 2y yields down -0.3bp at -0.653%.
  • Gilt futures are down -0.20 today at 128.07 with 10y yields up 1.6bp at 0.810% and 2y yields up 0.3bp at 0.060%.

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