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EGBs-GILTS: Strong Start For Core

BOND SUMMARY

A strong start for Bunds and Gilts, with bull flattening in both curves, alongside sterling weakness and stuttering equities ahead of the European Council summit Thu/Fri.

  • Solid central bank speaker slate, though expected impact is muted: Lagarde (0900BST), Mersch (1200BST) Lane (1300BST), Villeroy (1500BST) and de Cos (1515BST) highlight the ECB slate, with BOE's Haldane up later at 1700BST.
  • UK sells GBP2.5bln of Oct-29 Gilt, Germany sells E1bln of Aug-50 Bund, and Portugal sells up to E1.0bln of PGBs.
  • A limited data slate; Eurozone industrial production at 1000BST.

Latest levels:

  • Dec Bund futures (RX) up 23 ticks at 175.29 (L: 175.04 / H: 175.33)
  • Dec Gilt futures (G) up 23 ticks at 136.14 (L: 136 / H: 136.15)
  • Dec BTP futures (IK) up 22 ticks at 150.29 (L: 150.09 / H: 150.34)
  • Italy / German 10-Yr spread 0.1bps tighter at 121.3bps
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