/GILT SUMMARY: European curves have broadly....>

EGBS: /GILT SUMMARY: European curves have broadly bear steepened this morning

with the very long-end soaking up most of the pressure. The data calendar is

spare today, with the market focused on Jackson Hole.

- Bunds are now trading close to flat on the day, albeit with the 30-year yield

pushing up 2.0bp. Current yield levels: 2-year -0.877%, 5-year -0.867%, 10-year

-0.645%, 30-year -0.084%.

- The 2s30s OAT spread has widened 5.2bp on the day, with the 2-year yield down

2.5bp and the 30-year up 2.6bp. 

- The session in BTPs is almost uncharacteristically quiet. Yields are <1.5bp

higher. Headlines have been thin on the ground following President Mattarella's

intervention yesterday giving rival parties until Tuesday to form a new

coalition. 

- Gilts have pulled back from the early morning sell-off, with yields still

2-4bp higher. Current yield levels: 2-year 0.516%, 5-year 0.437%, 10-year

0.551%, 30-year 1.132%.