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- In the wake of Apple's surprise......>

BOND SUMMARY: - In the wake of Apple's surprise revenue warning, concern over
the global growth outlook continues to mount.
- US TSYs have sold off this morning, led by the front end. The 2-year yield has
pushed up to 2.486% from 2.459% with the 2s30s spread narrowing to 46.8bps from
- As a reminder, Japanese markets will be closed until Friday.
- The rally in long-end bunds yesterday has lost momentum, with yields
tentatively pushing higher. The 10-year benchmark trades at 0.176% and up 2.5bps
from the low.
- The Italian BTP curve has steepened with 2s10s trading up to 227.8bps from
- Gilts have sold off since the open and the curve has flattened. Current
yields: 2-year 0.725%, 10-year 1.224%, 30-year 1.783%.
- Euro$ futures are broadly trading 1.5-4.0 ticks higher with reds/greens
outperforming. Euribor futures are flat to 0.5 ticks lower. 

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