- German bunds have rallied since the...>

EGB SUMMARY: - German bunds have rallied since the morning. The 2-year yield

trades at -0.626% from a high of -0.612% and the 10-year is down to 0.227% from

0.268%. The curve has flattened on the back of the long-end outperforming, with

the 2s10s spread trading down to 84.6bps from 88.1bps and the 2s30s narrowing to

148.7bps from 152.95bps.

- French OATs have rallied since 1400BST and the very long-end has outperformed.

The 30-year OAT yield has pushed down to 1.572% from 1.603%.

- Italian BTPs have sold off, with the biggest yield moves occurring in the

2-/3-year tenors. The 3-year yield has surged to 1.515% from 1.292%.

- The long-end of the Spanish curve has traded sideways, while yields at the

shortter-end have drifted higher. 

- Euribor futures are flat in the whites and up 2.5-3.0 ticks in the

greens/blues.

- Next up on the data calendar will be industrial production data for Germany

and France and retail sales for Italy, which will all be published on Friday.