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EGBs-GILTS: Core FI Edges Lower

BOND SUMMARY

Some modest weakness in Bunds and Gilts to start the week, with equities treading water, as markets digest July PMIs (mostly finals).

Italy and Spain each beat expectations on Manuf PMIs; France and Germany (and Eurozone) upwardly revised as well. UK Final at 0930BST. Nothing really market moving though.

Attention remains on 2nd COVID wave fears in Europe, and to some extent on headlines out of the US / China (with the weekend's dispute over TikTok).

No bond issuance today; no central bank speakers either, though BoE decision Thursday is the week's focus.** Latest levels:

  • Sep Bund futures (RX) down 35 ticks at 177.17 (L: 177.14 / H: 177.48)
  • Sep Gilt futures (G) down 26 ticks at 138.29 (L: 138.27 / H: 138.43)
  • Sep BTP futures (IK) down 26 ticks at 146.73 (L: 146.71 / H: 147.2)
  • Italy / German 10-Yr spread 0.2bps wider at 153.9bps

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