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/EGBs-GILTS: A choppy start to the.....>

BOND SUMMARY
BOND SUMMARY: /EGBs-GILTS: A choppy start to the week for Gilts and Bunds, with
each recovering from their initial futures opening drops (in Bund's case, in
Asia-Pac session) alongside sharply higher equities.
- Italian spreads recovering from Friday's widening.
- Week's issuance kicks off with retail investors: Italy sells 10-Yr BTP Futura
all week (though sale could end as early as Wed, at the MEF's discretion). 
- German factory orders softer than expected, +10.4% M/M vs 15.4% exp (-25.8%
prior). Otherwise a quiet morning for data.
- Likewise for speakers; first scheduled central banker event of note is BoE's
Haldane on Tuesday evening. Europe
** Latest levels:
* Sep Bund futures (RX) down 10 ticks at 175.92 (L: 175.62 / H: 175.94)
* Sep Gilt futures (G) down 26 ticks at 137.17 (L: 137.03 / H: 137.25)
* Sep BTP futures (IK) up 30 ticks at 144.02 (L: 143.65 / H: 144.02)
* Sep OAT futures (OA) up 3 ticks at 167.44 (L: 167.12 / H: 167.45)
* Italy / German 10-Yr spread 2.6bps tighter at 166.1bps

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