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Reporting on key macro data at the time of release.
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A choppy start in the core FI space, with Bunds and Gilts lower though within ranges, and periphery spreads flat/marginally wider.
- The usual themes underlying it all: COVID lockdowns and UK-EU talks (with a shot of US fiscal stimulus negotiations on the side).
- Immediate focus is on issuance this morning, highlighted by the EU's sale of 10- and 20-Yr SURE social bonds via syndication. Germany sells Sep-22 Schatz for E4bln, while the UK sells 1.25% Nov-32 Gilt linker for GBP0.6bln.
- Less interesting is data (nothing 1st tier); but speaker-wise we hear from BoE's Vlieghe at 1030BST, w ECB's de Cos at 1250BST.
- Dec Bund futures (RX) down 3 ticks at 176.08 (L: 176.06 / H: 176.24)
- Dec Gilt futures (G) down 5 ticks at 136.62 (L: 136.62 / H: 136.75)
- Dec BTP futures (IK) down 10 ticks at 149.33 (L: 149.23 / H: 149.58)
- Italy / German 10-Yr spread flat at 134.8bps