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European Government bonds have opened on the...>

EGBS
EGBS: European Government bonds have opened on the soft side with yield curves
modestly steeper as long-end initially comes under most selling pressure. German
10-yr Bund yield is 0.7bp higher at 0.301% with 2s/30s spread 1bp wider.
- Pressure appears to be from slightly better China Caixin service PMI (53.9 vs
May 52.9), larger than expected rise in Australia retail sales and Japan Nikkei
service PMI ticking higher to 51.4 from 51.0.
- Last night ECB chief economist Praet said he was confident inflation would
continue accelerating towards ECB's target of just under 2 percent even after
the end of its massive bond purchases.
- BTPs are so far the worst performers in the European sovereign bond market
Tuesday with 10-yr yield rising 2.6bps and curve bear flattening as long-end
yields rise the least.
- Markets expected to be quiet today due to limited eurozone data (only final
service/composite PMIs) and US being closed for Independence day holiday.

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