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EGBs-GILTS: Italian Surprise Boosts Peripheries

BOND SUMMARY

Two themes running through the space this morning: risk-off on 2nd wave COVID fears boosting core FI as equities sink, and also peripheries benefiting from Friday's surprise decision by S&P to raise the sovereign's outlook to stable from negative (rating maintained at BBB).

  • Upside tech target on Dec BTPs in sight (150.46 - see 0821BST bullet).
  • Brexit talks to be a major focus this week (Barnier in London today).
  • German IFO at 0900BST is the only European data of note. No EGB/Gilt supply today.
  • Only scheduled central bank speaker is ECB's de Cos at 1000BST.

Latest levels:

  • Dec Bund futures (RX) up 20 ticks at 175.46 (L: 175.45 / H: 175.73)
  • Dec Gilt futures (G) up 25 ticks at 135.62 (L: 135.61 / H: 135.8)
  • Dec BTP futures (IK) up 90 ticks at 149.76 (L: 149.7 / H: 150.12)
  • Italy / German 10-Yr spread 5.5bps tighter at 127.7bps
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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