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/EGBs-GILTS: Bunds lower to kick off...>

BOND SUMMARY
BOND SUMMARY: /EGBs-GILTS: Bunds lower to kick off the week and Italian spreads
wider, with Eurozone instruments catching up after a long weekend. Gilts higher
to reflect risk-off across equity markets.
- Spanish manufacturing PMIs for April on the ugly side of expectations, though
the Netherlands and Italy beat. France/Germany/Eurozone PMIs are finals today.
- Most focus this week is on the Bank of England Thursday. European data is
fairly lacklustre with the exception of German factory orders (and even the
keenly-eyed US nonfarm payrolls Friday may not move the needle that much, with
weekly jobless claims acting as the employment tracker of choice through COVID).
- Additionally the UK and France are on holiday on Friday. ** Latest levels:
* Jun Bund futures (RX) down 36 ticks at 174.07 (L: 173.92 / H: 174.69)
* Jun Gilt futures (G) up 28 ticks at 137.63 (L: 137.45 / H: 137.7)
* Jun BTP futures (IK) down 68 ticks at 137.92 (L: 137.4 / H: 138.63)
* Italy / German 10-Yr spread 3.8bps wider at 238.7bps

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