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EGBs/GILTs: This morning's UK..........>

BOND SUMMARY
BOND SUMMARY: EGBs/GILTs: This morning's UK employment change data came in
higher than expected (208k 3m/3m in December vs 110k survey), with the headline
average weekly earnings similarly surprising higher (3.2% Y/Y vs 3.1%
consensus).
- Gilts at the shorter-end of the curve have sold off slightly. Current yield
levels: 2-year 0.4397%, 5-year 0.451%, 10-year 0.662%, 30-year 1.181%.
- EGBs trade broadly weaker this morning. The data calendar is sparse and
attention fixed on the Thursday ECB meeting where the strategic view is likely
to take centre stage.
- The German bund curve has marginally bear flattened with the 2s30s spread
narrowing 1bp.
- The shorter end of the French OAT curve has underperformed. Current OAT yield
levels: 2-year -0.543%, 5-year -0.321%, 10-year 0.045%, 30-year 0.863%. 
- Italian BTP yields are 2-4bp higher on the day. 

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