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EGBs/GILTS: Fresh uncertainty over.....>

BOND SUMMARY: EGBs/GILTS: Fresh uncertainty over global trade has fuelled the
rally in core European govvies this morning. 
- The preliminary UK PMI data for November missed. Particularly significant was
the weak services print (48.6 vs 50.1 survey).
- Gilts have rallied strongly with yields 4-6bp lower and the curve bull
flattening. Current yield levels: 2-year 0.522%, 5-year 0.498%, 10-year 0.698%,
30-year 1.250%.
- The bund curve has similarly bull flattened with 2s30s 3bp narrower on the
- French OAT yields are broadly 1-3bp lower.
- Italian BTPs trade close to unch on the day. Current yield levels: 2-year
-0.019%, 5-year 0.538%, 10-year 1.181%, 30-year 2.275%.     

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