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In line with Friday's close ahead of the IFO data

BONDS
  • Core fixed income had moved a little higher on the European open (albeit still below Friday's highs) and now is trading roughly flat to Friday's close.
  • We have German IFO data in a little over half an hour that is likely to set the tone for the remainder of the European session.
  • Eurozone spreads are unremarkable this morning, with 10-year BTP-Bund spreads 1.1bp tighter on the day.
  • TY1 futures are down -0-1 today at 119-27+ with 10y UST yields up 2.8bp at 2.780% and 2y yields up 0.9bp at 2.981%.
  • Bund futures are up 0.09 today at 154.55 with 10y Bund yields down -0.3bp at 1.024% and Schatz yields up 0.5bp at 0.410%.
  • BTP futures are up 0.43 today at 123.68 with 10y yields down -2.6bp at 3.279% and 2y yields down -3.6bp at 1.618%.
  • Gilt futures are up 0.10 today at 117.37 with 10y yields down -0.9bp at 1.927% and 2y yields down -0.1bp at 1.826%.

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