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BOND SUMMARY: EGBs/GILTS: Weaker than expected European data this morning has
underpinned the risk-off mood. Confirmation of the first Coronavirus case in the
UK has added to the gloomy feel.
- There was a significant miss for Germany retail sales for December (-3.3% Y/Y
vs -0.5% survey) and fourth quarter French GDP (0.8% Y/Y vs 1.2% survey).
- German bunds have firmed with yields marginally lower on the day. Current
yield levels: 2-year -0.672%, 5-year -0.629%, 10-year -0.420%, 30-year 0.080%.
- French OATs similarly trade slightly stronger.
- The BTP curve has flattened with the 2s10s spread 2bp narrower.
- Following yesterday's BoE-driven sell-off, gilts have clawed back some losses.
Yields are 2-3bp lower.