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- European bond markets saw a strong...>

BOND SUMMARY
BOND SUMMARY: - European bond markets saw a strong start to the European open
(with Treasuries also benefitting) before quickly reversing their gains on
seemingly little news.
- Gilts are the underperformers at the short-end in core markets with yields
across most of the curve around 1bp higher since yesterday's close.
- USTs have seen bigger moves in the 10y sector with yields 1.8bp higher than
yesterday's close, although 2y yields are only 0.8bp higher as the curve has
bear steepened.
- The German curve has flattened a little this morning with Schatz trading 0.3bp
weaker but Bunds trading 0.1bp stronger on the day.
- Elsewhere in EGBs, Spanish 10y spreads have continued to narrow following
yesterday's very successful syndication while Portuguese spreads have widened.
- Equity markets are mixed this morning across Europe, with Eurostoxx, the CAC
and IBEX all higher on the day but DAX. FTSE100 and FTSE MIB all lower on the
day.

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