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/EGBs-GILTS: Bunds and Gilts are.......>

BOND SUMMARY
BOND SUMMARY: /EGBs-GILTS: Bunds and Gilts are reversing higher after early
weakness while periphery spreads are heading a little wider likewise as equities
grind lower - all ahead of heavy supply and the ECB decision later.
- ECB seen increasing size of the PEPP programme (+EUR500bln consensus); our
preview went out yesterday, contact us if you haven't seen. 
- Decent flattening in the UK curve, less so in Germany. 
- Before the ECB comes into focus, we get Spanish and French auctions at which
up to EUR18bln nominal is on offer, including new Nov-30 OAT.
- Limited set of data (incl Construction PMIs).
** Latest levels:
* Jun Bund futures (RX) up 17 ticks at 171.14 (L: 170.74 / H: 171.18)
* Sep Gilt futures (G) up 28 ticks at 136.46 (L: 136.21 / H: 136.46)
* Jun BTP futures (IK) down 7 ticks at 141.56 (L: 141.47 / H: 141.86)
* Italy / German 10-Yr spread 1.2bps wider at 192bps
* Sep OAT futures (OA) up 15 ticks at 164.69 (L: 164.42 / H: 164.7)

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