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EGBs-GILTS: Italy/Spain PMIs Beat, But Spreads Drift Wider

BOND SUMMARY

Bunds and Gilts are a little lower to start the week, albeit within fairly narrow ranges. Periphery spreads a little wider, with Italy underperforming.

  • A quieter Monday session than usual is expected, as U.S. markets are closed for holiday.
  • Spanish and Italian Services PMI came in above expectations; remaining PMIs are finals. French industrial production disappointed in May (albeit higher revision).
  • In supply, only bill sales, but EFSF tapping Jan-31 via syndication.
  • ECB's Lagarde speaks twice (1000BST and 1230BST, neither likely to address current mon pol), de Guindos at 1800BST.

Latest levels:

  • Sep Bund futures (RX) down 12 ticks at 172.97 (L: 172.87 / H: 173.18)
  • Sep Gilt futures (G) down 9 ticks at 128.19 (L: 128.11 / H: 128.31)
  • Sep BTP futures (IK) down 27 ticks at 151.75 (L: 151.65 / H: 152.1)
  • Italy / German 10-Yr spread 2bps wider at 102.7bps
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