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EGBs and Gilts have been trading with...>

EGB SUMMARY
EGB SUMMARY: EGBs and Gilts have been trading with little decisive direction
after Thursday`s ECB-led rollercoaster.
- German curve fairly flat; core/semi-core EGB futures + Gilts up slightly.
- Periphery spreads a little wider early; BTPs underperforming, 10-Yr 2bps out.
Italy sells up to E4.5bln of CTZ and BTPei this morning.
- Sell-side ECB reviews now largely on the same hymn sheet; analysts who hadn't
previously forecast QE + depo rate cut have changed their tune.
- Shortly we get Italian confidence numbers and ECB Survey of Professional
Forecasters which got multiple mentions at the ECB meeting yesterday. First
reading of U.S. Q2 GDP out later, potentially key ahead of next week`s Fed meet.
- Short Sterling/Euribor strips flat. Latest bond futures prices: 
* Sep Bund futures (RX) up 14 ticks at 174.15 (L: 174.03 / H: 174.29)
* Sep BTP futures (IK) down 5 ticks at 139.93 (L: 139.83 / H: 140.4)
* Sep OAT futures (OA) up 15 ticks at 166.42 (L: 166.36 / H: 166.59)
* Sep Gilt futures (G) up 5 ticks at 131.9 (L: 131.88 / H: 132.07)

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