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EUROPEAN DATA

PMI: "Survey-record price increases"

US-CHINA

Biden Commits To Taiwan Defence, Beijing Pushes Back

DATA REACT

EURUSD to high of the day but limited FI reaction

DATA REACT

EURUSD to high of the day but limited FI reaction

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The Bund and Gilt curves have bear steepened to open Wednesday, with European equities again hitting record highs.

  • Gilt linker (GBP0.7bln) and German 10Y Bund (E4bln) auctions eyed later this morning, with US CPI in focus in the afternoon.
  • Periphery spreads a little wider, led by Italy (once again failing to break through the key 100bps spread mark to Bunds). No discernable trigger for underperformance.
  • German final July CPI was in line with flash; Italy (0900BST) and Portugal (1100BST) finals out later.

Latest levels:

  • Sep Bund futures (RX) down 14 ticks at 176.45 (L: 176.36 / H: 176.58)
  • Sep Gilt futures (G) down 12 ticks at 129.44 (L: 129.37 / H: 129.49)
  • Sep BTP futures (IK) down 28 ticks at 154.92 (L: 154.9 / H: 155.18)
  • Italy / German 10-Yr spread 1.2bps wider at 101.8bps