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EGB/GILTS SUMMARY

BOND SUMMARY

EGBs have bounced off their lows as the US starts to come in.

  • Core Govies came under early pressure following decent beats in European National PMIs releases this morning.
  • German curve initially tilted steeper, but have faded and we now sit flat on the day so far.
  • Peripheral spreads are wider , with Greece standing at 1.2bps.
  • It was a choppy open for Gilts, with early calls calling the contract to open lower, but this quickly changed, and the contract opened higher, after the bigger than expected reduction in the gilt remit for FY21/22.
  • GBP43.3bln reduction in gilt sales for the fiscal year to GBP252.6bln. Larger than expected fall.
  • Looking ahead, on the data front, US PMIs are the notable release.
  • Italy, Mr Draghi is also set to reveal a draft of his recovery plan (EU220bn) to his cabinet sometime today.
  • Lagarde and Yellen are on a Bloomberg climate panel
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