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GILT TECHS

(U2) Bear Trend Acceleration

SCHATZ TECHS

(U2) Trend Needle Still Points South

BOBL TECHS

(U2) Fresh Cycle Low

BUND TECHS

(U2) Fresh Cycle Low

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BOND SUMMARY
BOND SUMMARY: EGBs/Gilts have traded quietly so far, with Italy outperforming.
- German curve pretty flat so far; long end underperforming.
- Italian spreads continue to retrace lower; 10-Yr spread vs Bunds down 6.4bps
at 243.4bps. Corriere reported Sunday that in a letter to the European
Commission, PM Conte included a request to review the 3% of GDP deficit rule.
- Gilt futures up a few ticks; few real implications out of Sunday's
Conservative leadership debate, with frontrunner Johnson not in attendance.
- Pretty quiet data slate across Europe (just Eurozone labour costs at 1000UK),
though we get OLO supply from Belgium and Slovakia sells SLOVGBs.
- Slovenia was upgraded to AA- from A+ by S&P on Friday; France and UK affirmed
at AA and AAA, respectively.
- The highlights in terms of speeches include President Mario Draghi speaking in
Portugal as the ECB's Sintra conference gets underway.
- ECB`s Coeure saying in FT this morning that weak market signals are at odds
with decent econ data; that all easing options come with 'costs and benefits',
that tiering would have to be considered if policy rates are cut.

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