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BOND SUMMARY: EGBS/GILTS: Periphery EGB spreads have tightened sharply Wednesday
amid a decidedly risk-on session, while Gilts and Bunds are trading weaker.
- Sino-U.S. trade talk headlines set the risk-on tone early, Brexit optimism and
solid Eurozone services PMIs (Italy at 53.1 in March) have contributed.
- Jun 19 Bund future is down 76 ticks at 165.35, with equivalent Gilt future is
down 91 ticks at 128.42.
- 10-Yr segments in both cash curves underperforming: German up 5.2bps at 0.003%
(back into positive territory); U.K. up 7.7bps at 1.081%.
- Poor UK services PMI helped boost Gilts briefly but overall risk-on tone on
cross-party Brexit talks have kept the pressure on.
- Periphery EGB yields are a little lower but the Bund sell-off has tightened
spreads: 10-Yr Italian BTPs vs Bund spread is down 6.9bps at 250.5bps, with
Greece in 8.3bps. Spain and Portugal spreads 3-4bps narrower.
- Short-Sterling futures are weaker across the strip, with losses focused in
Blues down 7.5-8.0 ticks; Euribor Blues down 4-4.5 ticks.
- Brexit headlines worth watching rest of day; ECB's de Cos speaks at 1800BST.