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EGBs have seen a fairly uneventful......>

EGB SUMMARY
EGB SUMMARY: EGBs have seen a fairly uneventful morning session. A modest risk
on tone to markets has seen German yields a little higher on the day and
peripheral spreads generally a little tighter with bonds and equities moving in
opposite directions.
- Yesterday's ECB meeting saw downside risks to growth acknowledged but saw
little market reaction, and today's trading has seemed a little directionless.
- The German IFO saw the expectations component fall to the lowest level since
November 2012 and disappointed consensus expectations, but bad news was already
priced into the market following yesterday's manufacturing PMI falling below 50
and the weak ZEW survey last week.
- Schatz started the day strongly, but yields are now almost unchanged on
yesterday's lows. The curve has bear steepened a little with 10y Bund yields up
0.4bp on the day to 0.184%.
- Italian spreads to Bunds have bucked the trend a little this morning and are
around 0.6bp wider on the day, on little news.
MarketsFixed Income Bullets
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