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GDP DATA CONFIRMS HISTORIC CONTRACTION

BOND SUMMARY

Government bonds are broadly bid this morning with equities regaining a footing following yesterday's sell-off.
- The UST curve has bull flattened with the 2s20s / 2s30s spreads ~2bp narrower. TY futures trade at 140-04, near the middle of the day's range.

- Gilts have traded firmer following an early sell off, with yields now in line with yesterday's closing levels.

- Bunds has similarly gained ground, albeit with price action relatively contained so far.

- BTPs trade in line with bunds. Last yields: 2-year -0.077%, 5-year 0.4664%, 10-year 0.9598%, 30-year 1.9159%.

- Following yesterday's US GDP print for Q2 showing the sharpest contraction in post-war history, European prints this morning revealed similarly hefty declines in France (-13.8% Q/Q), Spain (-18.5%), Italy (-12.4%) and the broader Eurozone (-12.1%).

- The UK government has tightened lockdown restrictions in northern England at short notice with Health Secretary Matt Hancock arguing that people in the area had not been observing social distancing rules. The move comes amid concern over the possibility of a second wave across Europe.

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