Focus today remains on the European.....>

EGB SUMMARY: Focus today remains on the European Council meeting that is

currently underway. The big talking point is whether the North or South will win

out on the question of joint issuance, coronabonds or some kind of ESM funding.

- At the time of writing Bunds were flat and spreads a little tighter (Greece

10-Yr spreads have come in by almost 20bp today).

- Bloomberg headline crossing at 1513BST: "MERKEL SAID TO TELL EU LEADERS VIRUS

RESPONSE MUST BE HUGE" has given risk-seekers stronger expectation of meaningful

action at the European Council today. Eurostoxx at session highs, with Jun20

Bund futures off 30 ticks at one point.

- Looks like it helped accelerate the move lower in BTP spreads as well, 10-Yr /

Bund narrowed more than 10bps at one point from 1455BST onward to session low of

234.8bps, last at 242.00bps though.

- For now, we await more substantial news from the meeting.

- PMI data this morning was pretty awful with services PMIs falling into the

teens or below while manufacturing PMIs settled into the low-mid 30s.