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EGB SUMMARY: EGBs are trading mixed, with flash PMI data coming out this morning
and Italian budget news eyed.
- The Dec 18 Bund future is up 6 ticks at 158.8, with the curve steepening to
begin Friday, with the 2-Yr yield down 0.3bps at -0.532%, 5-Yr up 0.4bps at
-0.101%, 10-Yr up 0.8bps at 0.479%, and 30-Yr up 0.9bps at 1.139%.
- Italian BTP yields are a little lower, following on from Deputy PM Di Maio's
statement after hours that his 5-Star party is not seeking to dismiss Fin Min
Tria, and with Lega set to present budget proposals Friday. The 2-Yr yield is
down 0.7bps at 0.809%, 10-Yr is down 0.6bps at 2.876%. - EGB periphery spreads
vs Germany are a little narrower, with 10-Yr BTPs vs Bunds in 1.1bps at 240bps,
Spanish in 0.4bps at 103.6bps, Portuguese in 0.3bps at 140.9bps, and Greek in
0.3bps at 360bps.
- A slew of EMU flash PMI readings for September are ongoing (France manuf came
in a little below expectations at 52.5 vs 53.3 median, with Composite hitting
21-month low of 53.6.