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EGBs: Bunds and semi-core EGB yields...>

BOND SUMMARY
BOND SUMMARY: EGBs: Bunds and semi-core EGB yields are largely unch today
following a decent rally yesterday on the back of the ECB. Peripheral spreads to
Bunds have widened a little on the day, retracing some of the moves seen
yesterday.
- Data this morning has been mixed with German factory orders disappointing but
French, Spanish and Italian IP all coming in better than expected.
Gilts: In contrast to other global bonds, gilts are on the back foot with both
2y and 10y yields up 1.3bp to 0.745% and 1.186% respectively.
- These moves are in contrast to sterling which is a little weaker on the day
against both the euro and USD. Theresa May is due to speak around 12:30GMT in
Grimsby in what could be a significant speech regarding Brexit. However, but
there are reports that the speech could be pushed back a little to avoid
addressing an empty room as journalists are delayed on the train from London.

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