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European markets taking.......>

GLOBAL MARKET/OPINION
GLOBAL MARKET/OPINION: European markets taking Lagarde's press conference so far
very negatively - Italian BTPs have taken an aggressive move lower, dropping as
much as 700 ticks on an intraday basis and prompting a market halt. Move is
dragging other EGBs lower in step, with OATs, Bonos and other core bonds lower.
IT/GE and FR/GE 10yr bond yield spreads have blown out, with both metrics
hitting multi-year highs.
- This has worked against the EUR, with EUR/USD falling further into negative
territory and briefly taking out the $1.1150 mark.
- Move follows Lagarde stating that the ECB are "not here to close spreads",
with the ECB putting further pressure on the fiscal side of the Eurozone
response rather than monetary.

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