EGB yields have tracked lower through...>

EGB SUMMARY: EGB yields have tracked lower through the afternoon. 

- The benchmark 2-year German bund has pushed down to -0.679% from an intraday

high of -0.665%. The 10-year has been relatively directionless through the day

and is currently trading at 0.309%, a touch above the open. The curve has

steepened with the 2s10s spread widening to 98.6bps from a low of 95.7bps.

- The French OAT curve has been relatively flat on the day. The 10-year OAT

yield has edged down to 0.661% from a high of 0.673%, while the 2-year yield

trades at -0.476% from -0.452% at the open.

- Italian BTPs have rallied significantly since midday. The 30-year BTP yield

has fallen to 3.425% from a high of 3.510% while the 2s10s spread has narrowed

to 196.3bps from a high of 199.7bps.

- The EURIBOR futures strip has flattened with Reds through to Blues up 1.0-1.05

ticks.

- Markets have plenty to digest including the growing schism between Germany's

coalition parties, indications that the EU is prepared to counter US tariffs and

the UK Prime Minister's attempt to secure agreement on a new customs proposal.