It has been a fairly quiet start to....>

BOND SUMMARY: It has been a fairly quiet start to what is set to be a big week

for markets. There have been few headlines driving markets this morning and no

top tier data of note while bond markets have been ticking higher.

- The main event of the week will be the ECB meeting. We are currently compiling

our preview but it appears as though there is a wide divergence of views among

sell-side analysts regarding future ECB policy, particularly regarding QE. Many

analysts now are looking for a deposit rate cut in November.

- In the UK, we are starting to see cabinet members begin to resign in

anticipation of Boris Johnson's expected victory in the race for the next PM.

Voting closes today with the Sun on Sunday yesterday reporting that 73% of those

eligible to vote were voting for Boris.

- We are in the Fed's blackout period but there will be continued focus on the

data this week, with durable goods, Q2 GDP and housing data all due for release.

- TY1 futures are up 0-0+ today at 127-17+ with Bund futures up 0.27 at 173.66

and gilt futures up 0.25 at 131.74.