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It has been a relatively quiet.........>

BOND SUMMARY
BOND SUMMARY: It has been a relatively quiet morning in bond markets with Brexit
and US-China headlines the main highlights.
- After more talks yesterday between May and Corbyn's teams, Theresa May has
formally requested an extension to Article 50 to June 30 with the condition that
the UK prepares for EU elections. The EU is yet to formally agree but overnight
headlines suggest a "flextension" of a year with an opportunity for the UK to
leave early if a deal is agreed.
- US-China headlines suggest no deal is ready but a "new consensus" on trade is
close to being agreed. No date has yet been set for Trump and Xi to meet.
- TY1 is down 0-05 to 123-12+ with 10y UST yields up 1.1bp to 2.258% and 2y
yields tp 1.5bp to 2.352%.
- Bund futures are down -0.25 today at 165.27 with 10y Bund yields up 1.6bp at
0.009% and Schatz yields up 0.1bp at -0.579%. Periph spreads are tighter on the
day led by Greece where the next disbursal of funds has been released.
- Gilt futures are down 0.47 to 127.85 with 2y yields up 4.1bp to 0.731% and 10y
yields up 4.7bp to 1.131%.

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