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German 10-year yields are higher on.....>

EGB SUMMARY
EGB SUMMARY: German 10-year yields are higher on the day on stronger average
hourly earnings growth. The yield is currently trading at 0.48%.
- The day started badly for the Bund as the contract sank quickly through the
161.00 level and set off a round of stop losses. The morning's trade was mostly
flow rather than data/news driven.
- Spanish bonds initially widened modestly but had recovered losses by the time
the US payroll report was released.
- EGBs reacted poorly to the US payroll report, particularly news that US
average hourly earnings hit a 7 year high of 2.9%Y/Y. However, an obscure news
service carried a report that North Korea was to test another rocket at the
weekend, capable of hitting the US and carried major bond markets higher.
- The yield curve bear steepened, which meant that forwards moved more
aggressively; the EUR10Y10Y swap is close to its highest level since Jan 2016.
- The Catalan parliament is expected to reconvene on Tuesday according to local
news services. The 10-year Bund-Bonos spread is currently trading at 124bp,
unchanged on the day.
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