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EGBs-GILTS: Draghi, PMIs In Focus

BOND SUMMARY

Bunds and Gilts are weaker (though bouncing off early lows) with positive Italy poltiical risk developments and stronger equities.

  • Overnight news that ex-ECB Pres Draghi will meet w Pres Mattarella (1200CET) to discuss heading a new technocratic gov't has boosted BTPs, though they are now off session highs.
  • Mixed Svcs PMIs: Italy beat handily, but Ireland and Spain missed badly to the downside. Rest of PMIS are finals; of note later, Italy and EZ flash Jan inflation at 1000GMT.
  • Some supply too: Portugal syndication of new 30-Yr PGB, UK sells GBP2.75bn of 2031 Gilts.

Latest levels:

  • Mar Bund futures (RX) down 17 ticks at 176.58 (L: 176.38 / H: 176.64)
  • Mar Gilt futures (G) down 12 ticks at 133.63 (L: 133.46 / H: 133.65)
  • Mar BTP futures (IK) up 71 ticks at 151.68 (L: 151.58 / H: 152.05)
  • Italy / German 10-Yr spread 7.5bps tighter at 106.5bps
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