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The space continues to follow the broader ebb & flow of risk appetite, pulling back from best levels as U.S. e-minis nudge away from lows. YM -1.0 & XM +1.0 as a result, as futures twist flatten. The 3- to 5-Year zone of the cash ACGB curve provides the weak point cheapening by ~1bp, while the remainder of the curve is little changed to ~2bp richer. Local headline flow remains modest at best. EFPS are wider on the day, with 3s leading that dynamic.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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