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/EGBs-GILTS: Another choppy day for....>

BOND SUMMARY
BOND SUMMARY: /EGBs-GILTS: Another choppy day for Bund/Gilt trading with an
overall upward direction, after both sold off around the Gilt open. Equities
retracing their recent rally, helping the risk-off bid.
- Downside surprise for French Q1 GDP but upside surprise on April CPI; Spanish
inflation missed to downside. German job numbers out soon, EZ GDP at 1000BST. 
- We have revised our issuance outlook for the UK based on DMO's announcement
this morning, please see bullet at 0750BST.
- Little impact from Fed last night, but ECB very much in focus this afternoon.
- Reminder: No major announcements expected, with Lagarde reaffirming the ECB's
commitment to using its policy levers when needed. Though some on sell-side
looking for PEPP increase/easing of eligibility criteria/TLTRO conditions.
- Contact us for full preview. ** Latest levels:
* Jun Bund futures (RX) up 17 ticks at 173.23 (L: 172.94 / H: 173.33)
* Jun Gilt futures (G) up 5 ticks at 137.15 (L: 136.95 / H: 137.2)
* Jun BTP futures (IK) up 1 ticks at 138.72 (L: 138.56 / H: 139.06)
* Italy / German 10-Yr spread 0.8bps wider at 225.9bps

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