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Bunds have bounced back from early lows as equities have retreated from highs, while Gilts remain firmly lower, with curves bear steepening (esp in UK where long-end continues to sell off w 30 Yr yields eclipsing 1% for the first time since March). Periphery EGB spreads mixed.
  • Gilts testing support at 133.79, next support per our tech analyst is 135.55.
  • With US Tsy cash markets closed for the Veterans Day Holiday, attention is on the ECB's Sintra conference - Day 1 lineup includes Lagarde (intro remarks) at 1300GMT and Lane (chairing a panel) at 1600GMT.
  • Dearth of data. UK sells GBP0.8bn of 2036 Gilt linkers, Germany sells E1.0bn of 2050 Bund.

Latest levels:

  • Dec Bund futures (RX) down 9 ticks at 173.93 (L: 173.66 / H: 174.08)
  • Dec Gilt futures (G) down 28 ticks at 133.77 (L: 133.68 / H: 133.93)
  • Dec BTP futures (IK) down 15 ticks at 149.27 (L: 149.14 / H: 149.3)
  • Italy / German 10-Yr spread 0.3bps wider at 125bps
MNI London Bureau | +44 203-865-3807 |
MNI London Bureau | +44 203-865-3807 |

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