European govies have broadly firmed....>

BOND SUMMARY: European govies have broadly firmed this morning, with the

exception of BTPs which have traded weaker over the past hour. 

- With the US observing a public holiday today, market activity has been

relatively quiet. 

- The data calendar was exhausted by 0930BST with this morning's releases being

final estimates of June PMI data for the UK, Eurozone, Germany and France. Even

though the Spanish and Italian PMIs were first and final prints, the information

content was relatively low given that the preliminary eurozone print had already

been published.

- Gilts trade close on the day. Current yield levels: 2-year -0.0987%, 5-year

-0.0501%, 10-year 0.1786%, 30-year 0.6454%.

- German bunds have firms and the curve has marginally flattened. The 2s30s

spread has narrowed 2bp.

- The OAT curve has similarly bull flattened with price action relatively

contained.

- BTPs have bucked the wider EGB trend and have sold off slightly.