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EGBs-GILTS: Another Strong Start For Core FI

BOND SUMMARY

Similar to Monday's early price action, we've seen significant strength with bull flattening in Bunds and Gilts to open the session, as tumbling Asian equity markets weigh on risk appetite. A fairly quiet European schedule ahead, with supply the highlight.

  • Periphery spreads a little wider, led by Italy and Greece.
  • Major European equity markets down 1+% early, with EUR and GBP also weaker.
  • A very thin data slate (Eurozone M3 at 0900BST). The only speaker is ECB's de Cos (1500BST).
  • Italy sells up to E3.75bln of short-term BTP; UK sells GBP3bln of Oct-26 Gilt.

Latest levels:

  • Sep Bund futures (RX) up 47 ticks at 176.3 (L: 175.82 / H: 176.32)
  • Sep Gilt futures (G) up 27 ticks at 129.93 (L: 129.7 / H: 129.96)
  • Sep BTP futures (IK) up 17 ticks at 154.23 (L: 154.03 / H: 154.25)
  • Italy / German 10-Yr spread 1.7bps wider at 106.4bps
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