EGBs are trading relatively mixed. -...>

EGB SUMMARY: EGBs are trading relatively mixed. 

- German bunds initially opened on a stronger footing, but yields have gradually

pushed higher through the course of the morning. Current yield levels: 2-year

-0.597%, 5-year -0.422%, 10-year 0.013%, 30-year 0.661%.

- French OATs trade close to unch on the day, while Spanish government bond

yields are marginally lower.

- The largest yield moves have been notched up by Italian BTPs. Austrian

Chancellor Sebastian Kurz stated earlier in the session that the EU should be

stricter on Italian budget indiscipline, causing an initial spike in BTP yields,

which soon recovered. Yields are broadly 3-4bp higher, with the curve trading to

close to flat on the day.

- Euribor futures are 0.5-1.5 ticks higher. 

- PMI data was relatively mixed. The Spanish and Italian Services and Composite

PMIs came in weaker than expected.