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EGBs have opened with on a slight positive.....>

EGBS
EGBS: EGBs have opened with on a slight positive note with some in the market
having growing concerns over the strength of the Chinese economy as Hang Seng
and Shanghai comp fall over 1%. German 10-yr yield is 1.6bp lower at 0.325% with
the yield curve flatter as short-end remains anchored.
- EMU periphery have also opened modestly higher led by the short-end of the
Italian curve as concerns over Italy subside for now and in-turn bull steepening
the curve. 2-yr BTP yield is 8.6bp lower at 0.965%. Eyes though will be on
todays 6-month BOT auction. while 10-yr Bund/BTP spread is 1.9bp tighter at
253bps.
- Weaker than expected French consumer confidence in June (97 vs 99) is also
underpinning higher move in EGBs.
- Little further Eurozone data or official speakers today so attention likely to
be on any geo-political and/or global trade headlines. There is no Eurozone
sovereign bond issuance today as well. Italy Tap 5-/10-yr BTPs tomorrow
- Euribor strip is slightly flatter as green/blue contracts rise by 0.5 to 1
tick higher while whites are steady to 0.5 tick lower.

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