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EGB/GILTs: Disappointing UK retail.....>

BOND SUMMARY
BOND SUMMARY: EGB/GILTs: Disappointing UK retail sales data this morning comes
hot on the heels of the December CPI miss and the recent slew of dovish
commentary from BoE rate setters. 
- Gilts have rallied with the short end outperforming. Current yield levels
2-year 0.417%, 5-year 0.400%, 10-year 0.614%, 30-year 1.140%.
- It has been a quieter session for core EGBs. 
- German bunds trade mix with levels close to unch on the day.  Current yield
levels 2-year -0.600%, 5-year -0.521%, 10-year -0.220%, 30-year 0.294%.
- Italian BTPs have rallied sharply this morning with yields 4-7bp lower and the
belly outperforming. 
- Focus will shift to the ECB policy meeting next week. Little is expected from
the Governing Council beyond potential for further details on the upcoming
review.

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