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EGBs are weaker across the board........>

EGB SUMMARY: EGBs are weaker across the board Monday, with a midday rally fading
across both core and periphery instruments.
- Core EGBs have traded with little firm direction. Early losses reversed by
late morning as equities sold off. But apparent rising risk appetite in the
afternoon has pressured Bunds again.
- Italian spreads shrugged off early headlines of Salvini pre-EU election
rhetoric; risk appetite faded, though, with 10-Yr spreads vs Bunds up 1.8bps.
- Spain and Portugal 0.8bps tighter to Bunds; Greece 3.1bps narrower.
- Euribor futures strip has steepened modestly; short end anchored +/- 0.5
ticks, with Golds down 1.0-3.0 ticks.
- Tuesday sees ECB's Visco and de Guindos speak, with a fairly thin data slate
alongside (May Eurozone consumer confidence being the highlight).
- Latest futures prices:
* Jun Bund futures (RX) down 26 ticks at 166.8 (L: 166.63 / H: 167.07)
* Jun BTP futures (IK) down 23 ticks at 129.54 (L: 129.37 / H: 130.02)
* Jun OAT futures (OA) down 38 ticks at 162.89 (L: 162.85 / H: 163.22)

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