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Having previously reached a............>

BOND SUMMARY
BOND SUMMARY: Having previously reached a (fragile) truce on NAFTA and currently
appearing to make progress on bilateral trade talks with China, the US now seems
to be opening up another front against the EU. The US has been accused of
attempting to pressure EU members into opposing the Nord Stream 2 project, while
President Donald Trump has stated that European automobile manufacturers are a
national security threat.
- The US observes a national holiday today (President's day)
- The Mar-19 JGB futures trades at 152.85 at the bottom of the day's range.
- Bunds have traded in a tight range, with the curve steepening slightly. The
2s30s spread has pushed up to 65.9bps from 64.8bps.
- Italian BTPs have traded stronger today with yields ~2.5-6.5bp lower on the
day. The benchmark 3-year yield is down 6.5bps and has outperformed the curve.
- Gilts have rallied slightly with yields <1bp lower. Current yield levels:
2-year 0.711%, 10-year 1.152%, 30-year 1.671%.
- Euro$ futures are 0.5-1.0 ticks lower. Euribor futures are broadly flat/0.5
ticks higher.

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