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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.
- 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