It has a quiet busy afternoon...........>

EGB SUMMARY: It has a quiet busy afternoon session, with EGB's staying better

offered and extending losses. 

-It has been a one way move for Bunds, with the contract pushing through the

low, and in turn yields away from -0.5%, now at -0.396%. 

-Main driver was a Covid 19 story that made the rounds: Covid-19 vaccine from

Pfizer and BioNTech shows positive results: "An experimental Covid-19 vaccine

being developed by the drug giant Pfizer and the biotech firm BioNTech spurred

immune responses in healthy patients, but also caused fever and other side

effects, especially at higher doses." 

-This Pushes S&P higher, putting pressure on US Treasuries, dragging Bund lower.

-Peripherals have drifted lower with the German curve, but have seen more

limited move, helping spread tighter against the German 10yr. 

-Greece is the best performer and 8.5bps tighter, while Italy sits at 5bps,

Portugal 4bps and Spain at 2bps tighter. 

-Next in focus, FOMC minute this evening.