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BOND SUMMARY: EGB/Gilts: The Bund and gilt curves have bull flattened on the
back of continued global risk-off sentiment, with trade talks still simmering in
the background and the situation in Hong Kong continuing to escalate. Sentiment
has not been helped by a big miss in the German ZEW (although we do caution that
the ZEW can often seem to be led by equity markets). UK labour market data was
better than expected, with wages growing particularly well, but this was not
enough to improve sentiment.
- Yesterday Italian Senate leaders could not agree a date for the confidence
vote. There is another opportunity to set the date today with August 20 being
touted as a possible date. BTP spreads are marginally tighter today, with other
peripheral spreads generally a tad tighter too.
- Bund futures are up 0.21 today at 177.65 with BTP futures up 0.64 at 138.62
and OAT futures up 0.25 at 168.87.
- Gilt futures are up 0.15 today at 134.48 with 10y yields down -1.5bp at 0.473%
and 2y yields down -0.6bp at 0.430%.