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Core European FI had a constructive session, reversing morning losses in the afternoon on a weaker-than-expected US core inflation print.
- Gilts outperformed, with the UK short end rallying sharply (2Y -3bp in a bull steepening move).
- Peripheries couldn't keep pace, with Italian spreads widening and underperforming peers.
- Very little in the way of market-moving data (CPI finals). UK sold GBP0.7bln of linkers, German E4bln of Bund.
- Bond supply is done for the week, and there are no scheduled central bank speakers. Thursday's highlight is set to be UK GDP, first thing.
Closing Yields / 10-Yr Periphery EGB Spreads To Germany
- Germany: The 2-Yr yield is unchanged at -0.748%, 5-Yr is down 0.5bps at -0.728%, 10-Yr is down 0.7bps at -0.464%, and 30-Yr is up 0.1bps at -0.009%.
- UK: The 2-Yr yield is down 3bps at 0.123%, 5-Yr is down 2.2bps at 0.274%, 10-Yr is down 1.8bps at 0.571%, and 30-Yr is down 0.8bps at 0.946%.
- Italian BTP spread up 2.5bps at 103.1bps / Spanish up 1.5bps at 70.1bps