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EGB SUMMARY: EGB/GILT SUMMARY: An eventful early trading session Bonds.
-Bund and US Treasuries moved lower on better buying of Estoxx and S&P but with
Equities back at stable levels, difficult to pinpoint the actual trigger.
Instead, we can look at a combination of potential reasons.
- Weak JGB auction and BOJ said that It may stop buying debt due more than 25
yrs. Downside continuation in the Bonds.
-Italian budget taken positively by the market.
- Brexit hope/lower betting odds of hard Brexit, with likelihood of a "No Deal"
exit on the 31/10 just standing at 17%..
-On the data front, PMI release from Spain, Italy, France, Germany and EC, were
below consensus, beside, EC showing a 1 tenth beat.
-Peripheral are a touch tighter against the German 10yr, given the 100 ticks
move lower in the Bund.
-GILTS price action was mostly driven by the European curve, trading lower, with
the contract gaining further downside momentum following the UK PMI beat at 48.3
vs 47 expected.