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Govies are bouncing off their lows

CROSS ASSET
  • Govies are bouncing off the lows, led by some fading in Equities, with likely some long cover in Risk.
  • In terms of flow, Nasdaq was sold in 1k, while Bund was bought in over 5k and French OAT 1k.
  • Mostly order flow related, if we look at the lack of traction in the moves.
  • Also, some reaction after Fitch placed UBS group on rating watch negative .

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