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EGB/Gilts- Made new lows

BONDS
  • Bund and EGBs have been under pressure and traded lower this afternoon
  • .Italy underperforms the most, pushing the BTP/Bund spread wider by 5bps earlier, now by 3.7bps.
  • ECB not buying during the Christmas period has been one of the driver.
  • The jump in US cash Equities, also kept the lid on the contracts.
  • Desk covered longs, heading towards the EU end of the session.
  • US is closed tomorrow, so this is the last few hours with some small liquidity.
  • Gilts have followed suit, helped by the bid in GBP, after some report suggested that Boris will not introduce restrictions for Christmas and will look at hospital data next week.
  • Looking ahead, its all about Christmas, and the whole of the MNI team wishes you a great one.
  • Europe is open tomorrow, but with the US closed, most of the EU desk will have likely left by lunchtime tomorrow.
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