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/EGBs-GILTS: Core FI is on the front...>

BOND SUMMARY
BOND SUMMARY: /EGBs-GILTS: Core FI is on the front foot in early European
trading, with equities falling out of bed again after a modest recovery in
Asia-Pac hours (usual concerns: centring on US-China tension).
- ECB's Lane (2x) and de Guindos are the speaker highlights, apart of course
from US Fed Chair Powell who speaks at 1400BST.
- UK GDP collapsed in March, but actually beat expectations; Sweden missed badly
to the downside on CPI; not much else re data (March EZ ind prod is at 1000BST).
- Supply includes Italy testing the market for BTPs and Portugal for PGBs
(periphery spreads a little wider on risk-off), with Germany selling EUR1bln of
2048 Bund, a Finland 10-Yr syndication (in USD), and the UK selling GBP600mln in
2048 linkers.
** Latest levels:
* Jun Bund futures (RX) up 34 ticks at 173.71 (L: 173.44 / H: 173.76)
* Jun Gilt futures (G) up 37 ticks at 137.94 (L: 137.7 / H: 137.96)
* Jun BTP futures (IK) down 26 ticks at 137.09 (L: 136.86 / H: 137.43)
* Italy / German 10-Yr spread 4.7bps wider at 244.2bps

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